Insurance comparison sites regulations to be developed

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Insurance comparison sites regulations to be developed

The Comparison Consortium has announced that it will be working with the Association of British Insurers (ABI) to develop a regulatory code of practice for insurance comparison websites.

According to moneyextra.com, the initiative will see the Comparison Consortium working with price comparison sites and insurers to bring "an unprecedented element of regulation and professional standards" to insurance comparison websites.

Richard Mason, acting head of the Comparison Consortium said that insurance comparison websites have flourished in recent years, but criticised "the trend of providing preferential policies and acquisition incentives" which has led to "a disparity in the way prices are displayed online".

He added: "Similarly, while comparison websites have become indispensible, it's time they realised that customer decision-making doesn't solely revolve around price."

Recently, a BBC Panorama programme investigated several price comparison sites and criticised some of their methods such as the practice of accepting payments from some insurers for passing on business.

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