There have been a lot of reports recently on the fact that financial comparison websites are misleading the consumer. Moneybox the highly regarded BBC Radio 4 programme concluded that these websites have a vested interest in promoting products that they receive payment for. In addition to that the Daily Telegraph also reported recently on their misgivings about the financial comparisons industry.

The best buy tables in the press are provided in the main by three companies: Moneysupermarket, Moneyfacts and Defaqto. Moneysupermarket are by far the biggest provider with Moneyfacts and Defaqto producing best buy tables for only a few publications. Both Moneyfacts and Defaqto however do provide data services to many of the largest financial websites on the internet.

This view that financial comparison websites are misleading consumers has been highlighted this week, not on the internet but in the national press who carry best buy tables, in particular in the information relating to unsecured personal loans.

Moneysupermarket has placed Sainsbury’s Bank at the top of their chart in the Independent on Sunday for loans of £5,000 over 3 years. However, Defaqto and Moneyfacts do not feature the Sainsbury’s loan in their charts for the same loan at all.

Having done a little bit of checking it appears that Moneysupermarket have placed Sainsbury’s at the top as they are showing payments of £157.86, yet on Sainsbury’s own website their calculator indicates that a loan of this amount will have repayments of £160.11. This puts it in joint third place along with the Post Office.

www.thebestbestbuys.com is a new financial comparison website that monitors financial best buy tables on the internet and in the press. This allows them to collate all the information to ensure it brings its users a true reflection of the best deals on the market for mortgages, loans, credit cards and savings.

The company’s Business Development Manager, Malcolm Murphy said, “this is a good example of the limitations of basing a financial decision on one comparison site or on the information shown in your Sunday newspaper. Consumers need to take time to compare and contrast the financial comparison websites as they may not have the consumer’s best interests at heart”.

The Best Best Buys receives no payment from any company shown in their best buy tables. They do not promote inferior financial products for personal gain, they do not sell users details as sales leads and any user can simply click through to a providers website if they wish to sign up for a product. In fact it is quite a radical concept for the financial comparisons industry, a site that is 100% on the side of the consumer.

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