UK Money News
22nd January 2008
Biba: Improved regulation needed for personal finance comparison websites
The British Insurance Brokers' Association (Biba) has called upon the Financial Services Authority (FSA) to improve regulation of price comparison websites.
Research from the association suggests that current FSA rules, which were implemented before the massive expansion of such websites, are no longer appropriate.
It found that over half of insurance customers do not fully understand the differences between products offered in online comparisons and that only six per cent of online comparison website users believe product details are fully explained.
The research also indicated that most such sites base their quotations on many "assumptions" about the customer, which could leave people purchasing policies that are not best suited to their needs.
Commenting, Eric Galbraith, chief executive of Biba, said: "The current FSA rules were written prior to the growth in aggregator sites. I believe the regulator should now look again at developing more appropriate regulations, to ensure that consumers are being afforded suitable protections."
The Association of British Insurers recently claimed that price comparison websites are ideal for consumers who know what they are looking for, but advised others to seek specialist advice from a financial adviser.
back to January's Money News
This article and more Latest Money News can be found on MoneyCrocodile.co.uk
Personal Loans from UKPersonalLoans.com
Personal Secured Loans for Homeowners and Personal Tenant Loans for Non-Homeowners. You can apply online for an Any Purpose Loan or Personal Debt Consolidation Loans or use one of our Loan Calculators.
Debt Advice from ReduceDebt.com
Debt problems? Refused a loan? Got CCJ's or Arrears? Get the best advice and help by enquiring online. Our Debt Professionals will help you whatever debt problems you have. Some of the options available to you are Debt Management, Debt Consolidation, Debt Couselling and IVAs,
UK Personal Finance from MoneyCrocodile.co.uk
UK Online Personal Finance site covering: Loans, Mortgages, Credit Cards, Insurance, Debt Advice, Bankings and Savings, Finance Tools and Money Jargon. We also cover Any Purpose Loans, Secured Loans, Personal Loans, Tenant Loans, Car Loans and Debt Consolidation Loans. If you are looking for Personal Finance let Money Crocodile put a smile on your face.
Car Loans from GBCarLoans.com
Don't just accept the dealers finance - get a quote from us before you buy!. UK Car Loans for New Cars or Used Cars: Supermini, Small, Hatchback, Saloon, Estate, MPV, 4x4, Sports, Luxury, Executive, Cabriolet or Classic Car.
Tenant Loans from TenantLoan.com
If you're looking for a low cost tenant loan, then look no further. We aim to find you a highly competitive interest rate and you can borrow anything from £5,000 and £250,000 with up to 25 years to pay.
