Compare the Market Fined £17.9 Million for Keeping Costs Artificially High
In the News
Just seen this in the news and thought it was really interesting and wondered what you thought of it?
Compare The Market have just been fined £17.9 million by the Competition & Markets Authority (CMA) for stopping the home insurers (whose results appear on their comparison website) cheaper elsewhere.
The CMA said that there was a clause in the contacts issued to home insurers between December 2015 - December 2017 which stopped them giving cheaper prices on other insurance comparison websites and therefore stopping them from growing as they were not competitive.
They also said that without this clause, Compare the Market would have had to work harder to keep competitive by keeping an eye on their pricing.
Compare the Market are not happy with the decision and are looking at the ruling closely before making a decision in whether to appeal it.
What do you think? Do you trust the comparison websites or do you look elsewhere? Or like me - do you just love a Meerkat and the restaurant offers with Meerkat movies and meals?
Source - BBC News >> HERE
I've never actually compare the market. I've used lots of other comparison sites though. I always look to see which offer is the cheapest on the comparison site and then I go onto the company's website and see what offer I get and 9 times out of 10 it is cheaper than the price comparison. The price comparison is good for showing all the companies and giving an idea of how much it should cost. This year I saved a lot on our home insurance by going with the company our cars are insured with as we got an extra discount from them and their renewal prices for car insurance was also the cheapest, but I did look into it before I renewed and before I changed home insurance.
I’ve used them before as it gives your a good range of prices and policies. I think insurance is a rip off in general.
Wow that is a huge fine, but to be fair if companies want to do things like that then it’s only right that they face the consequences!
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