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Peer2Peer Finance News | October 23, 2018

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Comparison sites revamp P2P sections

Comparison sites revamp P2P sections
Kathryn Gaw

TWO comparison websites are revamping how they display peer-to-peer investments, in response to a Moneywise investigation that criticised the inclusion of P2P in their savings product pages.

The personal finance magazine reported before Christmas that it had found issues with the four sites that offer P2P comparisons – Go Compare, Love Money, and MoneySuperMarket.

It argues that by including P2P in savings product listings, consumers may not fully understand that they are investment products with risks involved.

In contrast to the comparison websites, P2P platforms themselves tend to be clear about describing the products as investments rather than savings, in line with Financial Conduct Authority guidance.

Read more: FCA identifies low P2P usage but fewer signs of consumer vulnerability

Following Moneywise’s probe, Go Compare is reportedly planning to redesign its savings pages to remove P2P products.

And has removed the word ‘savings’ from the heading of its main P2P page and is planning to make more changes to its P2P section this year.

Read more: FCA uses P2P as example of balancing competition and innovation

Meanwhile, MoneySuperMarket includes risk warnings on its P2P page, although Moneywise said it still refers to P2P products as ‘savings accounts’.

“P2P lending is regulated by the FCA and is an entirely legitimate option for savers to consider,” it said in a statement to Moneywise.

“We only include P2P lending products in the specific P2P section. These products do not appear in any other savings section of our website. Instead customers need to take an active decision to reach a dedicated P2P page.”

Love Money did not respond to Moneywise’s requests for comment.

Read more: Fintech ‘must not lessen consumer protection’