TescoCompare.com supports the Thoresen Review

Commenting on today’s Thoresen Review, Paul Baxter, Director of Commercial and Partnerships at TescoCompare.com, says:

"TescoCompare.com is fully supportive of the Thoresen Review and its recommendations for the role a fully impartial comparison site could play in the Money Guidance scheme."

"Most comparison sites currently focus on selling consumers the cheapest deal on the market, which can easily lead consumers to neglect the level of cover provided. TescoCompare.com in contrast is a comparison service based on the principle that we do not just compare the price of a policy but that we also look at the different policy features offered. This helps consumers understand the level of cover they will receive for the different quotes given and help them make the right choice for their car insurance needs. We have also negotiated a deal with our insurance partners, which makes sure that the quote a consumer receives through TescoCompare.com is the same or cheaper price as getting the quote from the provider direct."

"We think that much more could be done to disclose commercial mechanics operating behind the scene on some of our competitors. A lot of sites carry ‘editor’s picks’ and advertising, highlighting specific providers based on paid-for deals and some also have automatic defaults designed to deliver lower premiums, regardless of whether this is what the consumer wants. All of these mechanics are detrimental to the consumer’s understanding of how the comparison site operates."

"We fully support any steps to make all comparison websites truly impartial and we place great emphasis on being transparent about our service. We are regulated by the Financial Services Authority which was an important part of ensuring our complete independence. Our site is very clear and open about our commercial relationships - in the same way that Tesco sells different products with no bias towards its own brand product, TescoCompare.com enables consumers to get the best and most appropriate policy for them - regardless of which insurance provider sells the policy."