FSA notes significant improvements in aggregator sites
The Financial Services Authority (FSA) has completed the second stage of its review of insurance comparison websites, in which it found that many sites have made significant improvements.
Following on from an initial review in May of this year, the regulator said that the 17 sites involved in its study were are consistently providing clear, fair and not misleading information.
However, some firms need to address a few specific concerns and the areas identified as needing improvement are as follows:
Obtaining better information from insurers about the levels of excess that apply to insurance policies.
Clarifying the assumptions about consumers’ needs and circumstances that some websites use to obtain quotes was addressed.
With regard to the advertising of aggregator sites, the FSA found that the vast majority of firms have clear, fair and not misleading advertisements.
The Authority’s director of retail policy and conduct risk, Dan Waters, reminds consumers that the FSA’s Moneymadeclear website provides help on purchasing insurance through comparison websites.
He adds that it is important not just to focus on price but to compare what is covered by a policy and ensure this meets requirements.
Category: Financial Services Authority News, Insurance News
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