Is the Comparison Consortium genuine?
The Financial Times in a recent article has announced that The Comparison Consortium, a trade body launched in February this year, plans to unveil its code for online insurance aggregators and professional guidance for insurers who use them.
The Wizard welcomes the initiative and hopes it is genuine in its desire to improve transparency and clarity not just in the insurance comparison market but also in the loan comparison market.
Sponsored results, misleading typical rates and not clearly distinguishing between secured and unsecured loans are all widely used practises within the loan comparison industry - loan aggregators are putting profit ahead of treating customers fairly. Furthermore, such sites also do not warn customers that making several applications to different lenders can harm your credit rating.
These are the very issues which The Lending Wizard is addressing and which make it unique among other comparison sites. These are also the issues that a body like the Comparison Consortium should recognise and address. It would then prove it is not just a mere cosmetic PR exercise.
