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Consumers are drastically underestimating the commissions taken by comparison sites which totalled the colossal sum of £650m last year according to new research.

Just as the FSA clamps-down on commission disclosure for financial advice, it appears consumers are still ignorant about payments being taken by product comparison sites.

The YouGov research, carried out on behalf of SaveItBuddy.com, found 10.1 million people in Britain used a comparison site in the last year, resulting in an average commission of £64.59 each

It discovered consumers underestimated these commission taken by comparison sites, with a fifth putting this at 5% of their purchase, and another fifth saying it stood between 5% and 10%.

In fact, the research claims, the average commission is actually 24%