Calls for greater transparency within financial services industry

Stuart Bernau, executive director at Nationwide, comments on the Resolution Foundation's call for a new code of practice for comparison websites: "It's vital consumers can make informed decisions about the financial products and services they choose. Comparison sites and best buy tables play a vital role in helping people make their choices and we would welcome a code of practice as it would bring reassurance to consumers who use these sites. However, the responsibility to be open and transparent doesn't lie solely with these providers but also with the banks and building societies who offer products.

"For far too long, products have been developed that look attractive on the surface but fail to deliver the promised value once the account has been opened. While some providers deliberately price their products to achieve an entry in best buy tables or on comparison websites, many of these products fail to offer long-term good value once the introductory deal has ended or additional fees and charges are taken into account.

"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, to name but a few smoke and mirror tactics. Nationwide would like to see the code of practice ensure best buy tables and comparison sites always detail long-term good value or overall cost of products, to help consumers make the right choice."