moneysupermarket.com responds

to BIBA's call for an immediate FSA review of comparison site regulation.

Commenting on the recent BIBA announcement requesting the FSA to review its regulation of comparison sites, Richard Mason, managing director of moneysupermarket.com, said: "This is the death rattle of a dying sector.

Insurance brokers have been in decline for many years.

Consumers know that if you go to broker you'll get a quote that covers a few broker based insurers but exclude highly competitive direct insurers like Swiftcover.

However, if you visit a comparison website you get a quote that covers not only the broker insurers but also most of the direct insurers too.

That's why upwards of two-thirds of people are using comparison websites to find their home and motor insurance.

"moneysupermarket.com is already regulated in some areas by the FSA and has a strong compliance department.

We would welcome working with the FSA on any investigation into comparison sites' insurance business and feel we are ideally placed as the UK's number one price comparison site.".

Back to top