ASIC Comparison-Site Scrutiny: What Transparent Comparisons Should Show

Comparison websites are useful only when users understand what is actually being compared. Two ASIC developments in September 2026 put that principle into sharp focus.

The Federal Court found Choosi misled consumers about the breadth of its funeral and life insurance comparison services. Separately, ASIC commenced proceedings against Clark Family, alleging websites represented that they compared multiple loan and insurance options and tailored recommendations when consumer enquiries were instead sold through a bidding process. The Clark Family allegations have not been determined by the Court.

What this means — and what it does not

These matters concern insurance and lead-generation services, not a finding about Trading Guide or online share-broker comparison pages. But the transparency principle is highly relevant to any service using the word “compare”: the presentation should accurately describe the market coverage, methodology and commercial relationships behind the result.

What a transparent trading-platform comparison should show

• Coverage: which platforms are included and which are not.
• Methodology: which facts and criteria are compared.
• Data provenance: where fees and product facts came from and when they were checked.
• Commercial relationships: whether a provider pays referral or affiliate commission.
• Ordering: whether commercial arrangements influence placement.
• Limitations: where data cannot be normalised fairly.

Why “best” can be a dangerous shortcut

A platform can be cheaper for one trade size and more expensive for another. One investor may care about CHESS sponsorship while another needs international markets or a specific order type. Compressing those differences into an unexplained winner can remove the information a comparison is supposed to provide.

Trading Guide’s comparison methodology should therefore remain inspectable: structured provider facts are separated from affiliate relationships, current source links are shown where available, and users should be able to verify provider claims independently.