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Insurance price comparison sites fail FCA expectations Insurance price comparison sites fail FCA expectations
(35 minutes later)
Websites that compare insurance prices for consumers are failing to meet users' expectations, according to a review by the Financial Conduct Authority (FCA). Websites that compare insurance prices for consumers have been criticised by the Financial Conduct Authority (FCA).
The FCA said that customers were not given the "appropriate information to make informed decisions". It said that some customers were not given the "appropriate information to make informed decisions".
Of the 14 sites reviewed, the FCA said many were unclear and were failing regulatory standards.Of the 14 sites reviewed, the FCA said many were unclear and were failing regulatory standards.
They say customers focus on price and brand instead of policy terms. This meant people might buy insurance without understanding all of its features, including excess levels or levels of cover.
The review found that lack of clarity on the websites could mean consumers buying insurance without understanding all its features, including excess levels or levels of cover. Although some websites were clear, this varied significantly.
Although some websites did provide clarity, this varied significantly depending on the provider. 'Misconceptions'
The FCA's director of supervision, Clive Adamson, said that one-third of consumers now bought their motor insurance through price comparison websites, but many people were not getting the service they expected.The FCA's director of supervision, Clive Adamson, said that one-third of consumers now bought their motor insurance through price comparison websites, but many people were not getting the service they expected.
'Not always best'
He said: "They provide an important service for millions of consumers bringing convenience and simplicity to buying financial products online.He said: "They provide an important service for millions of consumers bringing convenience and simplicity to buying financial products online.
"However, our review found that they were not meeting our requirements in delivering fair and consistent outcomes for consumers. We also found, through our consumer research, that consumers had a number of misconceptions about the services they provided. "However, our review found that they were not meeting our requirements in delivering fair and consistent outcomes for consumers.
"We expect price comparison websites to take on board the findings of the review. It is also important for consumers to understand that not all products are the same and the cheapest product may not always be the best for their needs." "We also found, through our consumer research, that consumers had a number of misconceptions about the services they provided."
The authority also found that price comparison websites did not make clear their role in the distribution of the product or the nature of service they provided. Mr Adamson said he expected the price comparison websites to "take on board the findings".
The regulator also found that price comparison websites did not make clear their role in the distribution of the product, or the nature of service they provided.
They said that some consumers mistakenly believed that the price comparison website had provided them with quotes on the best policy for their individual needs and had assessed the suitability of the policy for them.They said that some consumers mistakenly believed that the price comparison website had provided them with quotes on the best policy for their individual needs and had assessed the suitability of the policy for them.
The FCA will be providing individual feedback to the price comparison sites involved in the review and asking them to take action on specific areas where they are failing to meet expectations. The FCA will be providing individual feedback to the price comparison sites involved in the review and asking them to take action on specific areas where they are failing to meet its expectations.