‘Greater transparency’ is needed for consumers says Nationwide

Nationwide has called for greater control within the whole of the finance industry.

Following the Resolution Foundation’s announcement that price comparison websites should have a voluntary code of practice, Nationwide says said such a code should also apply to banks and building societies.

The building society proposed that the code should include displaying long-term benefits and costs of financial products, rather than just highlighting initial offers that “fail to deliver the promised value”.

“The industry, comparison websites, and best buy table providers all have a duty to ensure consumers are aware of issues like adverse order of payments on credit cards, introductory deals on savings accounts and unnecessary fees with mortgages” said Stuart Bernau, executive director for Nationwide.

He stressed the importance of making an informed decision when banking or choosing financial products.

Financial comparisons sites mean the consumer does not have to manually shop around for car insurance, loans or other services. The site regularly updates and compares available prices for the customer. A recent YouGov poll revealed that 45 per cent of people have used a comparison site in the last year.

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