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Pin to quick picksMoneysupermarket.Com Share News (MONY)

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Share Price: 231.20
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Change: -1.20 (-0.52%)
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Open: 236.20
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Comparison websites accused of hiding best energy deals

Mon, 20th Oct 2014 10:53

Five of the biggest energy comparison websites are hiding their best deals, The Big Deal has claimed.The company, itself an energy comparison website, alleged that it has found evidence that all the major price comparison websites hide the cheapest deal from customers.Angela Knight, the chief executive of Energy UK, said: "Comparison sites should not benefit from limiting options to customers. Not disclosing commission and not advertising the full array of deals on offer undermines the industry's work to be more up-front with customers."Switching energy supplier is a good way to save money on gas and electricity and comparison sites are a great way to help customers do this. The energy industry is committed to transparency and we expect others in the energy supply chain to do the same.""You won't like what we found," says Big DealThe Big Deal claimed websites use a mechanism to hide deals where they ask users if they want to see deals they can switch to "today" or "now". It said clicking "Yes" filters out all deals which do not earn the price comparison site a commission from the energy company and said that "often these deals are the cheapest"."We also believe this research shows these sites may be breaking EU consumer protection law. We've written to the five biggest sites - Compare the Market, Go Compare, Uswitch, Moneysupermarket and Confused - asking that they stop this activity," The Big Deal said."We've also asked government to take action, the Competition and Markets Authority to expand their inquiry into the energy market to include these sites and the EU Competition Commission to investigate their actions."The group said it had spent 13 weeks looking at the websites and have taken more than 200 screenshots of the alleged tactics.Consumer confidence codeAll five of the accused websites say they follow regulator Ofgem's consumer confidence code, which is being updated."Customers have the clear option to compare plans across the whole energy market on our site," said Uswitch. "We do not pre-select a default answer when giving them this choice, nor do we in any way influence what they should select."It added that it was "fully supportive of Ofgem's decision to strengthen the code".Comparethemarket.com pointed out that suppliers sometimes stipulate which tariffs they wish to sell on price comparison websites, while Moneysupermarket.com insisted its option for customers to filter results to only see products they can buy through the site is "necessary" and displayed "clearly and prominently".Confused.com said its consumers are able to view every available tariff on the market and explained that "some suppliers do not make certain tariffs available through comparison sites, so we give customers the option to exclude these from the results"."Highly orchestrated PR campaign" Gocompare.com lambasted The Big Deal's claims as "a highly orchestrated PR campaign being run by a company with a vested interest in moving customers away from comparison sites to their own collective switching model".It continued: "The Big Deal also makes its money by being paid a commission by the energy supplier to which its customers switch. The main difference being that The Big Deal only shows people a tariff from one provider, whereas Gocompare.com, for example, lets people see over 150 tariffs from across the market."The Big Deal is being very selective in the information it chooses to highlight in its report. For example, it conveniently fails to mention that on every single date researched by The Big Deal in October, Gocompare.com displayed the same cheapest tariff in every region they studied whether the customer had selected to see 'all deals' or just the ones to which they could switch via Gocompare.com. As this is the crux of The Big Deal's criticism of comparison sites, this is a very important omission."
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12 Apr 2022 07:24

Moneysupermarket revenues grow in Q1

(Sharecast News) - Price comparison website Moneysupermarket said on Tuesday that first-quarter group revenues had grown in the three months ended 31 March, with its travel and money units both showing marked year-on-year improvements.

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5 Apr 2022 16:34

UK earnings, trading statements calendar - next 7 days

Wednesday 6 April  
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Copyright 2022 Alliance News Limited. All Rights Reserved.

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5 Apr 2022 12:07

LONDON MARKET MIDDAY: Stocks ease as EU mulls more Russia sanctions

(Alliance News) - Stocks in London were mostly lower at midday on Tuesday as the West considered further sanctions against major crude producer Russia in response to killings in the Ukrainian town of Bucha.

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5 Apr 2022 09:45

LONDON BROKER RATINGS: Barclays downgrades Lloyds and Virgin Money

(Alliance News) - The following London-listed shares received analyst recommendations Tuesday morning:

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5 Apr 2022 09:45

Barclays downgrades Moneysupermarket, sees more upside elsewhere

(Sharecast News) - Barclays downgraded its stance on Moneysupermarket on Tuesday to 'equalweight' from 'overweight' and slashed the price target to 220p from 260p as it argued there was more upside elsewhere.

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5 Apr 2022 08:59

LONDON MARKET OPEN: Stocks down as Biden calls for war crimes trial

(Alliance News) - Stocks in London opened lower on Tuesday amid cautious trade as investors continue to track geopolitical developments.

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24 Mar 2022 16:02

UK dividends calendar - next 7 days

Friday 25 March 
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Copyright 2022 Alliance News Limited. All Rights Reserved.

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22 Feb 2022 21:57

TRADING UPDATES: Angling Direct ups revenue; Ceiba takes Omicron hit

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

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18 Feb 2022 15:35

Director dealings: Moneysupermarket chair invests, Grainger CEO sells awards to cover tax bill

(Sharecast News) - Price comparison platform Moneysupermarket disclosed a share purchase worth almost £0.1m on Friday, made by its chair.

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18 Feb 2022 09:41

LONDON BROKER RATINGS: Berenberg says buy Aveva, Deutsche says hold

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning and Thursday:

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18 Feb 2022 08:22

LONDON BRIEFING: NatWest sets out plans for "embarrassment of riches"

(Alliance News) - UK state-backed lender NatWest on Friday reported a profit for 2021 and said it plans to return GBP750 million to shareholders via a share buyback, and possibly even more.

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LONDON BROKER RATINGS: Morgan Stanley lifts Pennon, cuts Severn Trent

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17 Feb 2022 09:44

Moneysupermarket 2021 profit falls as energy crisis hits switching

(Alliance News) - Moneysupermarket.com Group PLC remained upbeat on the year ahead despite a surge in energy costs pummelling its Home Services unit in 2021.

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17 Feb 2022 08:32

LONDON BRIEFING: Reckitt Benckiser shares lead FTSE on revenue beat

(Alliance News) - Reckitt Benckiser on Thursday posted a full-year loss but beat expectations on the revenue front, with the health and hygiene products maker looking towards a margin improvement in the year ahead despite inflationary pressures.

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17 Feb 2022 07:36

Moneysupermarket FY profit drops amid weakness in insurance, home services

(Sharecast News) - Online comparison website Moneysupermarket.com posted a decline in full-year profit and revenue on Thursday following a strong performance from its money division but weakness in home services and insurance.

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