Price comparison site to raise Oxfam cash

The Compare for Good site enables people to search for the most competitive deals on a range of financial products, such as insurance and loans, and utilities.

But at least two-thirds of the commission the site raises when people take out a product through it will go to fund Oxfam's work, with the rest of the money covering the site's running costs.

The site has been launched as a charitable venture by entrepreneur Ivan Massow, who developed insurance services for gay men and people with HIV in the 1990s.

It is being powered by beatthatquote.com and covers all financial providers who share information with price comparison websites.

Oxfam believes it is the first time a not-for-profit organisation has entered the billion-pound price comparison site market in this way.

It is estimated that more than six million people log on to price comparison websites each month, with the commission generated by sales through them totalling more than 1bn a year. The move comes at a time when consumers have less money to donate to charity due to the economic downturn.

Earlier this year, the group said it had seen a 15 per cent drop in the level of goods donated to its 700 charity shops, which it blamed on the recession.

Mr Massow said the site had the potential to raise "millions of pounds" for Oxfam, with consumers typically able to save 150 through using it to get a better deal on products such as car insurance and utilities.

Cathy Ferrier, Oxfam's director of fundraising, said: "We're always looking for innovative ways to raise money for our lifesaving work, especially during difficult economic times when the public find it harder to spare money for charity.

"This website means people can support Oxfam even when money is tight."

Actress Joan Collins, who launched the site this week, said Compare for Good offered people a "win-win" opportunity, as they could save themselves cash, while also raising money for charity.

The website can be found t www.compareforgood. co.uk