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Code of practice for comparison websites is long overdue

Stephen Rumbelow, Head of Moneyfacts.co.uk - the leading independent financial comparison site, comments:

"We have been constantly pushing for a code of practice to be introduced in our industry to ensure that consumers benefit from using best buy tables that search the whole market.

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"It is a simple but unpleasant fact that by only providing a limited selection of products, some comparison sites are allowing consumers to make ill informed decisions that could see them choosing a product that could leave them financially disadvantaged.

"Our best buy tables include very small players such as the Beverley Building Society or Earl Shilton Building Society right through to the financial heavyweights such as HSBC and Barclays.

"The Moneyfacts.co.uk reputation has been built on the foundations of accurate, up to date and whole of market data which we also supply to other reputable UK comparison sites.

"We believe that there are shortcomings with some players within our market. The introduction of a code of practice will give the consumer the confidence to continue using ‘approved’ comparison sites to help them through the maze of an ever-increasing choice of financial products.

"We are confident that we have our own house in order and look forward to discussing the proposals with Clive Cowdery and The Resolution Foundation at the earliest opportunity."