The Financial Conduct Authority (FCA), the financial services regulator, has raised concerns over "misleading" adverts from MoneySupermarket.com which gave the impression that their comparison site was cheaper than it actually was.
The adverts that were flagged up ran between August and October and contained the statement "More people got cheaper car insurance quotes at MoneySupermarket than at any other leading price comparison site", which the FCA felt was misleading and could have been construed as meaning that the site was cheaper more than half of the time – when in fact this was only the case in 34% of quote searches.
This means the firm has breached principle 7 of the FCA's Principles for Business, and as such the comparison site has agreed to publish the following statement on its car and home insurance pages highlighting the view of the FCA that their adverts didn't meet the required standards:
"The Financial Conduct Authority ("FCA") considers our recent advertising campaign did not fully meet the standards that they expect for such advertisements. The FCA is concerned that the adverts created an incorrect overall impression that Moneysupermarket.com is cheaper than other leading comparison sites more than 50% of the time."
The statement is scheduled to run for four weeks, with the site also agreeing to not publish or in any way broadcast its adverts in the same way going forwards.
Find out what we stand for
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.