Biba hits out at aggregators again
The British Insurance Brokers’ Association (Biba) has called on the Financial Services Authority (FSA) to urgently review its Insurance Conduct of Business rules for electronic introductions, following independent research into price comparison websites.
The research conducted by FWD and commissioned by Biba has raised concerns that current FSA rules are not appropriate because they were finalised prior to the development of price comparison websites.
Some of the key findings of the research included:
• Over half of insurance buyers interviewed did not fully understand the differences between each insurance policy offered via comparison websites
• Only 6% of insurance comparison website users believed that the details of what the policy covered
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