Britain’s Financial Conduct Authority said some price-comparison websites for general insurance are failing to meet regulatory standards.
Websites “did not always ensure that consumers were given the appropriate information to help them make informed decisions,” the FCA said in a statement on its website today. That increases the risk of consumers focusing on prices and buying “products without understanding key features,” it said.
Moneysupermarket.com Group Plc is among price-comparison websites facing competition from companies such as Google Inc. as regulatory pressure increases for providers to become more transparent.
The FCA’s review, started last year, found that price-comparison websites didn’t give clear details on the product or nature of service provided, while some failed to disclose that they were part of a larger insurer or broker.
The FCA, which looked at 14 websites between December and April, said it has asked price-comparison websites to take action on the “specific areas identified, where they are not meeting the required standards.”
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