In a recent thematic review, the FCA found that price comparison websites did not always ensure that consumers were given the appropriate information to help them make informed decisions.
This is particularly important as the FCA is concerned that consumers’ focus on headline price and brand when using price comparison websites could distract from crucial product features such as policy coverage and terms.
By failing to provide clear information, the websites are increasing the risk that consumers may buy products without understanding key features such as level of cover or excess levels and purely focus on the price. While some websites did provide this information, the level of clarity varied significantly depending on the provider.



Abridged advice – how is it going so far?
Alistair MacDougall Compliance 2015, 2018, 2020, 2021, abridged, Drawdown, FCA, Pension, Pension Transfer, PI, transfer
Based on data and live visits to firms during the period from April 2015 to rule changes in 2018 and 2020, the FCA believed that far too high a proportion of clients were being recommended to transfer safeguarded benefits. This was predicated on the longstanding rule which stated: “… a firm should start by assuming […]