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Bargain hunt needed on switching sites, says CMA Use more than one price comparison site, consumers told
(35 minutes later)
Consumers need to hunt for deals as they do on the High Street when using switching websites for energy, holidays or insurance, a review has found.Consumers need to hunt for deals as they do on the High Street when using switching websites for energy, holidays or insurance, a review has found.
Price comparison websites worked best for car insurance and worst for broadband, the study by the Competition and Markets Authority (CMA) said.Price comparison websites worked best for car insurance and worst for broadband, the study by the Competition and Markets Authority (CMA) said.
Consumers should use a variety of sites to get the best deals, it said.Consumers should use a variety of sites to get the best deals, it said.
The CMA said it was investigating one website over contracts that risked raising home insurance prices.The CMA said it was investigating one website over contracts that risked raising home insurance prices.
A spokesman for Comparethemarket.com said: "We operate some simple contractual arrangements with home insurers to ensure that our customers always get the lowest available price. We welcome the opportunity to discuss this further with the CMA."A spokesman for Comparethemarket.com said: "We operate some simple contractual arrangements with home insurers to ensure that our customers always get the lowest available price. We welcome the opportunity to discuss this further with the CMA."
Andrea Coscelli, CMA chief executive, said it was "vital" that people benefitted from using comparison sites given that most have used one.Andrea Coscelli, CMA chief executive, said it was "vital" that people benefitted from using comparison sites given that most have used one.
"The good news is that more than 90% of the people we surveyed were very or fairly satisfied with the sites they used. But we have also found that improvements are needed to help people get even better deals.""The good news is that more than 90% of the people we surveyed were very or fairly satisfied with the sites they used. But we have also found that improvements are needed to help people get even better deals."
Tips for using price comparison websitesTips for using price comparison websites
Source: CMASource: CMA
CommissionCommission
Price comparison websites offer best buy tables and, increasingly, automated switching services that do not charge a fee to consumers.Price comparison websites offer best buy tables and, increasingly, automated switching services that do not charge a fee to consumers.
Instead, companies often pay a fee of about £30 to a site for each new customer they gain.Instead, companies often pay a fee of about £30 to a site for each new customer they gain.
The CMA study into what it calls Digital Comparison Tools (DCTs) looked at sites offering price comparisons for car insurance, home insurance, energy, broadband, flights, and credit cards.The CMA study into what it calls Digital Comparison Tools (DCTs) looked at sites offering price comparisons for car insurance, home insurance, energy, broadband, flights, and credit cards.
Despite a general clean bill of health, the CMA raised concerns including:Despite a general clean bill of health, the CMA raised concerns including:
The final point has led to the launch of an investigation against one site. It is against the law for a site to stop businesses offering cheaper deals elsewhere.The final point has led to the launch of an investigation against one site. It is against the law for a site to stop businesses offering cheaper deals elsewhere.
Confidence?Confidence?
The CMA has detailed a template for these sites to ensure they deal with customers fairly. Last year, the CMA's review of the energy sector found that more than a third of the 7,000 people it asked did not realise switching suppliers of gas and electricity was an option.The CMA has detailed a template for these sites to ensure they deal with customers fairly. Last year, the CMA's review of the energy sector found that more than a third of the 7,000 people it asked did not realise switching suppliers of gas and electricity was an option.
Alex Neill, from consumer group Which?, said: "When shopping around via comparison websites or apps, consumers should be confident that they can find the best deal for them and that their personal data will be used responsibly. All regulators must ensure businesses abide by the rules and customers get good outcomes, or be ready to take action."Alex Neill, from consumer group Which?, said: "When shopping around via comparison websites or apps, consumers should be confident that they can find the best deal for them and that their personal data will be used responsibly. All regulators must ensure businesses abide by the rules and customers get good outcomes, or be ready to take action."
Recent proposals from regulators have included a plan from Ofcom to allow mobile phone users to switch operators by sending a text to the provider they want to leave.Recent proposals from regulators have included a plan from Ofcom to allow mobile phone users to switch operators by sending a text to the provider they want to leave.
Energy regulator Ofgem said it was considering a trial that would allow households to enter only their postcode and current supplier into a "digital deal checker" to view the cheapest tariff, and a clickable option on all price comparison websites to ensure customers saw prices in the whole of the market, not just preferred suppliers.Energy regulator Ofgem said it was considering a trial that would allow households to enter only their postcode and current supplier into a "digital deal checker" to view the cheapest tariff, and a clickable option on all price comparison websites to ensure customers saw prices in the whole of the market, not just preferred suppliers.