Loans comparison websites failing to win over consumers

UK consumers lack trust in loans comparison websites with one in four people saying they have been able to find better value financial products elsewhere, a survey has found.

Only three out of 10 people said they trusted the sites, which give quotes on products such as insurance, credit cards and mortgages, to find the best price available for them, according to Which? Money.

Two thirds of those questioned also thought they would be presented with the products that would make the websites the most money through commission. One in four people said they did not go on to buy through the sites because they had been able to find a cheaper quote themselves.

Overall, the survey found that none of the comparison sites scored a customer satisfaction rating of more than 50 per cent, lower than for any other financial product or service the group looks at.

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