Peterborough-based ComparetheMarket to ‘consider all options’ after £17.9 million fine

Aleksandr and Sergei meerkat figures that are used to promote ComparetheMarket.com

Now directors of ComparetheMarket, which is part of the BGL Group, based in Bakewell Road, Orton Southgate, say they are considering all their options after being hit by the fine from the Competition and Markets Authority (CMA)

The CMA says the price comparison site breached competition laws by imposing a ‘most favoured nation’ status on providers of home insurance selling through its platform.

It meant that home insurers were stopped from quoting lower prices on rival websites and could have meant customers missed out on better deals.

The CMA has issued a fine of £17,910,062 for the breach of competition law, which is said to have occurred between December 2015 and December 2017.

A spokesman for Comparethemarket.com said: “We are disappointed with the CMA’s decision and do not recognise its analysis of the home insurance market.

“We fundamentally disagree with the conclusions the CMA has drawn and will be carefully examining the detailed rationale behind the decision and considering all of our options.

He added: “For 14 years comparethemarket.com and the other price comparison websites have revolutionised the way in which consumers shop for their insurance.

“In the past year alone, we have helped more than six million customers save money.

“We will continue to deliver on our mission to drive competition, transparency and choice that benefits consumers, so our customers get the best deals possible.”

Peterborough-based ComparetheMarket fined £17.9 million for breach of competition law