Thursday 11th October 2007
A voluntary code of conduct is needed for price comparison websites, according to an independent review group.
The number of price comparison sites has soared in recent years, with figures showing that as many as 45 per cent of British adults turning to them for free, and seemingly impartial, advice on everything from mortgages to insurance.
However, the Resolution Foundation, which conducted research into the sites, said because they played such an important role in helping consumers make their financial decisions, there should be a voluntary code of conduct on accuracy and impartiality in place.
The group said that many sites did not make the commercial relationships they had with product providers clear, which could possibly mislead consumers into thinking that 'best buys' and 'editor's choices' were in fact the best value products.
Clive Cowdery, chairman of the Resolution Foundation, said: "Comparison sites are valuable in making informed financial decisions - but many sites are undermined by a lack of transparency about their commercial relationships.
"A voluntary code of practice would address this and encourage a growing market, without the need for further regulation."
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