No code of conduct for comparison sites

Consumers that use price comparison sites will continue to be without protection following the collapse of a proposed code of conduct for price comparison sites. Read more

Tags: regulations consumers, Recreation and Sports, Price comparison services, final attempt, site, business, Affiliate marketing, comparison sites

Surfers worry about using credit cards online

Almost half of UK internet users have reservations about using their credit cards to make purchases online, with a third feeling concerned about the security of web banking, according to new research.

Internet security firm F-Secure has found that 48 per cent of people are not confident that their card is secure when using it online.

Banking Trojans are rising sharply and can compromise security by stealing log-in details such as usernames and passwords by providing links to websites that are very close imitations of the genuine bank site.

Increasingly complex attacks are also emerging, says the company.

“Consumers need to be aware of threats when banking online, but that is not to say that they should not do it,” says Mikko Hyppönen, chief research officer at F-Secure.

In a recent survey, Abbey found that around 40 per cent of online shoppers want banks to monitor online transactions more closely to make the internet safer.

Tags: site, imitations, online.banking trojans, card, security firm

What to look for with car insurance

Car insurance is a compulsory form of insurance cover for drivers in the UK that are taking their vehicles out on the road. Read more

Tags: cover, Insurance, site, breakdown, installments, life insurance, lower your premiums, car insurance

Supermarkets branch out to car insurance

Over recent years supermarket giants in the UK have branched out enormously and in addition to offering groceries and household goods many have also been offering a wide range of financial products, such as loans, credit cards, insurance products and even banking facilities.

According to a recent report, Tesco has now gone a step further and has launched a price comparison website for those looking for deals on car insurance in the UK.

There are already a rising number of price comparison websites in operation for car insurance, and Tesco will be joining this long line of comparison sites with its news venture Tesco Compare.com, which has been launched in conjunction with the Royal Bank of Scotland. The site will be launched in mid-September, but consumers should be aware that there will be a limited number of insurance companies that are used in the comparison, which totals around twenty in all.

As has been the trend in other sectors, this move by Tesco could result in other supermarket giants also setting up similar sites, which means that the huge number of price comparison sites could balloon even further in the near future. As with other price comparison sites customers will be able to enter their details into the Tesco website in order to search for the best deal on car insurance, but this will be from between the companies listed by Tesco.

Amongst the insurance companies that will be listed are some RBS ones, including Churchill, and consumers are reminded that because of the limited number of insurance companies that will be listed there could be better deals available from other insurance companies that are not listed on the Tesco site. 

Tom Smith
20th September 2007

Tags: car, site, finance, personal, price, comparisons, compare

Internet banking needs innovation

Internet banking recently turned ten but one of its pioneers says the current crop of sites lack innovation and direction.

Jim Spowart, chairman of peopleschampion.com, who created the UK’s first bespoke internet banking site, has criticised the current market.

He says that banks appear to be unsure of where to go next with their online banking websites and wants to see them doing more to offer customers something different.

“The banks have been concentrating on profitability. All they have done is use the technology to update their traditional banking methods,” commented Mr Spowart.

“There’s been very little thinking about how they can offer the customer something brand new. Internet banking is just an add-on convenience for many – but it hasn’t changed banking. That’s why the banks are having to hit the customers with extra hidden charges.

“In every way, the internet has changed the way we all look for products and services. The poor old traditional bankers are still scratching their heads looking for ways of gaining customers, yet the whole game has changed,” he added.

Internet banking in the UK celebrated its tenth anniversary on May 27th 2007, a decade after Nationwide launched the first site.

Tags: online, old traditional bankers, site, way, thinking, internet banking

Rushed car loan choice can be costly

Motorists have been warned that making the wrong choice in regard to their car credit could leave them at a significant financial disadvantage.

A study by price comparison site uSwitch.com has revealed that around 187,000 of the cars sold in March will be purchased with the help of showroom finance.

Such practices will result in around £228 million being wasted on charges for the year, the company states, explaining that the average showroom loan offers 10.12 per cent APR, a staggering 4.22 per cent higher than the best regular loan on the market.

“A rushed decision or just taking the finance deal offered by the car dealer could turn out to be a long term financial burden,” explained Nick White, the director of financial services at uSwitch.com.

“Paying too much for car finance is really easy to avoid,” he added, before suggesting that a comparison website might be a good place to start.

Opting for the best loan available could save a motorist around £1,200 over the loan’s term when compared with showroom finance, the company said.

Tags: apr, term, site, uSwitch.com, comparison website, director, loan, Recreation and Sports

Casino to affect house prices

The news that Manchester has been chosen as the site for the UK’s first super-casino has led some industry experts to predict a rise in house prices in the city.

Nationwide Building Society described the award as a “vote of confidence” in Manchester and said the number of jobs created will affect house prices.

“This could be good news for house prices in Manchester,” said Fionnuala Earley from Nationwide.

“It will bring new jobs to the city and the decision clearly represents a vote of confidence in Manchester’s infrastructure and the city’s ability to support a new super-casino. New jobs will lead to an increased need for housing which will support local demand and house prices.”

The news is undoubtedly good for those who already own houses in Manchester as they will see the value of their property soar.

However, first-time buyers will struggle to purchase a property in the city as prices rise, while Ms Earley also says the casino may have a negative impact on the value of some homes.

“Depending on the location of the casino, there could still be some negative impact on local prices if factors, like noise, for example, become an issue,” she said.

House prices in Manchester have risen by three per cent in the last year and by 101 per cent in the last five years.

Tags: Manchester, year, cent, noise, need, building society