The Big Deal: “CMA investigation is further evidence that not all price comparison sites are acting in consumers’ best interests. CMA must say which site they are investigating.”
“Now people have to compare comparison sites.”
Today (26 September 2017) the CMA has published an examination of price comparison sites which found that “improvements are needed” as there are “instances where [price comparison sites] appeared to be inaccurate, unclear or possibly misleading”.
The CMA have also launched “a competition law investigation into how one site has set up its contracts with insurers, because it suspects this may result in higher home insurance prices.” The CMA have refused to name which site.
Responding Will Hodson, co-founder of collective switching site The Big Deal, said:
“The CMA investigation is further evidence that not all price comparison sites are acting in consumers’ best interests. These sites make hundreds of millions of pounds of profit but there is no way near enough transparency over how they do their deals and how they make their money.
“The CMA needs to say which site they are investigating otherwise how are any of us able to know who we can trust?
“Decades of comparison sites have done nothing to stop exploitation in the energy market. It is hard enough for most people to simply compare deals, and now people have to compare comparison sites.”
Polling by YouGov from 2015 found that just 22% of the public say price comparison sites are trustworthy. This is down from 39% when the same question was asked by Populus in 2014.
About The Big Deal – www.thebigdeal.com
The Big Deal is a consumer collective focused on reducing people’s energy bills. We bring together tens of thousands of consumers and use our collective buying power to create exclusive deals.
Launched in March 2014, we now have 400,000 members and continue to grow. 62% of our members have never or hardly ever switched before – these are the very people who have been let down by the energy market for too long. Moreover, 60% of our members are over the age of 55 and 30% over the age of 65. We have saved the British public over £15 million since we launched.
The Big Deal is a start-up business and charges a commission to energy companies. Unlike price comparison websites we are 100% transparent and publish the exact amount of our commission. For our most recent switch it was £50 for a dual fuel (both gas and electricity) switch. This compares to £60 to £100 for the main price comparison websites.
To learn more about The Big Deal read our blog on How we use people power to save you money
For further information contact the Big Deal at 020 3463 0820