In a recent review of insurance comparison websites, The Financial Services Authority (FSA) have suggested that some are misleading clients by not providing clear and accurate information.
In its report, the regulator states that only a small number of insurance sites provide a full list of policy features and that in the majority of cases, consumers were not prompted to consider anything other than price in making their selection.
Where attention was drawn to policy features the details were often contained in the small print of terms and conditions. Information on excess levels is not made clear and often information is incorrect or out of date.
The British Insurance Brokers Association, Defaqto and the Centre Of Competition Policy have all raised concerns or criticism of comparison sites regarding accuracy and disclosure of policy features.
The FSA has drawn up a list of good practise guidelines that it hopes will be implemented by comparison sites in the UK. Around 30 million insurance quotes were obtained from such websites last year.
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