Which? response to the Financial Conduct Authority announcing a review into price comparison sites

In response to the Financial Conduct Authority announcing a review into price comparison sites, Which? executive director, Richard Lloyd, said:

“We welcome the Financial Conduct Authority’s review into price comparison sites. We found they claim to do all of the work for you but they don’t always guarantee people the best deal or even the right one.

“We want comparison sites to treat customers fairly by being upfront that they don’t cover the whole market and more transparent about what is and isn’t included in the policies they’re selling.”

Background

1. In May 2013, we surveyed 6,038 Which? members and found only a third (32%) trust price comparison sites to find the best price, regardless of the supplier. Customer satisfaction with price comparison sites is also very low compared with other sectors; the highest scoring company reached just 46%, with the lowest reaching 28%.

2. In May 2013, we compared five like-for-like car insurance quotes on ten comparison sites and found quotes for one high-risk scenario of insuring a 22-year-old driver living in a high-risk area differed by more than £1,500 when looking at the cheapest quotes on each site.

Statement