FCA publishes rules on price comparisons of high cost short-term credit

The FCA has published policy statement PS16/15, which includes final rules for price comparison websites comparing high cost short term credit products. the new rules will come into force on 1st December 2016. The rules will be contained in a new section of CONC, section 2.5A, which will apply to firms which own or operate price comparison websites. Such firms must display the information in a way that neither the ranking of products nor the prominence of display of products is based (wholly or partly) on the firm’s commercial interests. Further, the firm must ensure that the website enables a customer to enter the value and duration of the customer’s desired loan when specifying the criteria for a search. Search results must be ranked according to the total amount payable.