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Stuart Glendinning: One of the questions I am asked most often is how does moneysupermarket.com make its money. This is my first video blog for moneysupermarket so I thought I would start with a general interest subject like that.
The first point I would say is that it isn't the case that providers pay to have their products displayed on moneysupermarket.com. There is no cost or financial exchange to have a product on the site; however we are paid for transactions through the site. So, for example, you go through our credit card channel, compare the market and find the card that's right for you, and then you click on the apply icon or go to the providers website. If you successfully apply and end up with a credit card then moneysupermarket.com will earn a fee for that.
Not all products are conducive to applying online and there are many products that you will find on moneysupermarket.com where consumers actually have a reticence to apply online, for example mortgage brokerage or life assurance brokerage. We actually offer the choice and we do have teams of brokers actually employed internally that can help you. In those instances we can give you advice and if you choose to apply for a product then we will actually be paid a fee by the provider, what is called in the industry an appropriation fee. Again, you don't pay that, that's just a standard industry fee that applies and you could not get a better product by actually going direct to the providers.
We also offer a facility where you can actually speak to an adviser local to you, now that could be an independent financial adviser or an otherwise qualified adviser local to you. They won't be employed by moneysupermarket.com but they will have many years experience, and certainly many people like to work on either a face-to-face basis or deal with someone locally. We can arrange that by going through the site. I would give you the complete reassurance that you have to pro-actively request that you be contacted, so we are not sending your data off willy-nilly.
One thing I would reiterate is that you're never disadvantaged by applying through the site, and actually often you will get a better deal by applying via moneysupermarket.com. Firstly, we allow you to compare the market, which empowers you to make the right choice for you, and secondly you're getting access to all the best products in the market plus some exclusives, so hopefully it's a good user experience. We hope that not only will you be happy to use moneysupermarket.com, but that you will be prepared to put us on your favourites and also recommend us to family and friends. Thanks.
