Aggregator sites need more transparency, says MoneyExpert Research

Professor Merlin Stone of the Bristol Business School has developed a best practice charter for financial aggregator sites. Professor Stone conducted research into those sites for MoneyExpert.com.

The best practice charter calls for financial comparison sites to:

• observe transparency on providers’ fees and charges
• focus on product features and service measures as wll as price.
• provide comprehensive best buy tables, which are uncontaminated by incentives to aggregators
• give more advice to customers
• offer a credit rating service to help consumers decided which products to apply for and warn about damaging credit ratings by making too many applications
• provide health warnings about products
• provide specialist support for the less well-off and those with poor credit records

MoneyExpert’s chief executive Sean Gardner said: ‘Despite the growing importance of services such as our own, we have long recognised that the industry needs to improve its offer to consumers if it is to fully realise its vast potential.’

He added: ‘Professor Stone recommends some fundamental changes for our market which we will strive to address. Our industry is becoming increasingly competitive and in dealing with the issues he raises, we hope to further strengthen our proposition and improve our service to our business partners and consumers alike.’