. . World news – GB – CMA fines comparison on the market, £ 17. 9 m for breaching the competition law

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The CMA imposed a fine of £ 17 on the comparison market. 9 million after it was discovered that clauses used in company contracts with home insurance companies violated competition law.

An investigation by the Competition and Markets Authority (CMA) concluded that between December 2015 and December 2017, the online price comparison site violated the competition law by imposing « most favorable country » clauses on home insurance providers through platform.

These clauses prevented home insurance companies from offering lower rates on other comparison sites and protected ComparetheMarket from tripping elsewhere.. It also made it difficult for ComparetheMarket’s competitors to expand and challenge the company’s already strong position in the market as other price comparison sites were restricted from overcoming them by price..

As a result, competition between price comparison sites and the home insurance companies that sell through these platforms is restricted. The CMA found that this is likely to lead to higher insurance premiums.

Price comparison sites are excellent for consumers. It fosters competition among service providers, provides options for customers, and makes it easier for consumers to find the best deals.

Therefore, it is unacceptable for ComparetheMarket, which has been the largest home insurance rate comparison site for several years, to use clauses in its contracts that restrict home insurers from offering greater discounts on competing websites – limiting potentially deals Available to consumers.

Digital markets can deliver significant competition benefits and, accordingly, to consumers. We are determined to secure those benefits, ensuring that competition is not unlawfully restricted. Today’s action should come as a warning – when we find evidence of a breach of the law, we won’t hesitate to step in and protect consumers.

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Market comparison. com, Competition Law, Competition and Markets Authority

World News – GB – CMA Fines ComparetheMarket £ 17. 9 m for breaching the competition law
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Ref: https://www.gov.uk

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