Online car insurance news
14/05/2008

Insurance comparison websites targeted by FSA

A leading financial watchdog is demanding comparison websites be fair, clear and must not be misleading after finding a string of faults with some online car insurance and general cover sites.

The Financial Services Authority (FSA) apparently found some lack of clarity, unfairness and inaccurate consumer information.

With a quarter of all car insurance sales now transacted via comparison sites, the FSA recognises that many customers use them to search for insurance products.

The FSA's Ed Harley said, "Consumers should shop around for the best deal but it is important that they compare what's covered by a policy - and not just focus on the price."

Companies running comparison websites will now be tested - FSA officials are planning to visit them to check the information they are publishing.

The FSA has four objectives while regulating the financial services industry: to maintain market confidence, promote public understanding of the financial system, secure consumer protection - and fighting financial crime.

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