Comparison websites could become law

The Financial System Inquiry has floated the possibility of government intervention to entrench comparison businesses in the fabric of the financial industry.

The interim FSI report stated, in relation to banking products, that government should "facilitate consumers’ capacity to understand and compare products."

In relation to the general insurance market, the FSI said government could ensure that "aggregators are able to use automated processes to seek quotes from general insurance websites."

Source: Banking Day

Advertisement