An independent research and policy organisation that protects the interests of citizens with low to moderate incomes has slammed price-comparison websites.
The Resolution Foundation has called for the creation for a voluntary code of practice for price-comparison websites.
Many of the services fail to provide explanations for the jargon they use and unnecessarily require visitors to give away personal contact details, according to the organisation.
The Resolution Foundation, which protects the interests of UK citizens with low to moderate incomes, has said that a voluntary code of practice is also required to show that the sites are acting independently and aren't affected by any vested commercial interests.
Clive Cowdery, chairman of the Resolution Foundation, said: "Comparison sites are valuable in making informed financial decisions, but many sites are undermined by a lack of transparency about their commercial relationships.
"A voluntary code of practice would address this and encourage a growing market, without the need for further regulation," continued Cowdery.
One online financial advice website welcomed the call for a voluntary code of practice.
Robin Amlôt, senior editor of Moneyextra.com, said, "We believe that an online code of practice will offer consumers greater confidence in their use of financial-comparison sites. We are confident that the quality of our services will more than meet the requirements that such a code would include."
www.resolutionfoundation.org
www.moneyextra.com
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