The “make-a-complaint” button, which allows users to flag up disparities between brokers’ websites and their presence on the comparison service, inappropriate levels of emails and price inaccuracies, is one of a raft of measures designed to boost consumer confidence in the site. These include a strict code of conduct, a cap on adviser fees and a maximum broker commission of 1% of the total mortgage value. Listed advisers must also be whole-of-market.
Google product director John Paleomylites said: “Over the last few months we have launched new comparison services for credit cards, current and savings accounts & car insurance in the UK. We are now adding mortgages to our comparison family making it easier for customers to find the best deal for their individual circumstances.”
This is not the first time the internet search behemoth has entered the mortgage world – an earlier version of the comparison site was launched in July 2011 but was suspended two months later.
The code accompanying the revamped version also covers products such as life protection or home insurance, stating that any remuneration earned from associated products should not exceed the remuneration payable from the product provider.
Prolific Mortgage Finance director Lea Karasavvas said the emergence of such a large global brand in the market was an encouraging sign: “It is very encouraging to see a company with the size and reputation of Google providing a service like this to the mortgage industry and supporting the brokers with such a tool.
“Whilst some of the codes of conduct will need elaborating on, in essence it is an encouraging tool, and anything that can enhance our ability to transact with clients and offer them market leading advice is beneficial to our industry.”
