A voluntary code of practice for price comparison websites should be introduced.

This is the recommendation of a new report from the Resolution Foundation, which claims that such sites do make an invaluable contribution to consumers' decisions - with around 45 per cent of people having used one to make a financial choice in the last 12 months.

But the report also showed that many sites "fail to explain the commercial relationships they have with product providers".

"This risks misleading consumers who can easily mistake promotional features such as 'best buys' and 'editor's choices' as being the best value products on the market," the study continues.

Clive Cowdery, chairman of the Resolution Foundation, explained further: "Comparison sites are valuable in making informed financial decisions - but many sites are undermined by a lack of transparency about their commercial relationships. A voluntary code of practice would address this and encourage a growing market, without the need for further regulation."

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