Financial comparison website Canstar Cannex has been receiving licence fees from major banks as part of licensing arrangements, with some fees worth up to $90,000, according to an article in Eureka Report and republished in part by
Business Spectator.Canstar Cannex, one of Australia's leading websites comparing financial products, is reported to have received fees ranging from $30,000 to $90,000 on dozens of products, paid by financial institutions seeking to use the company's ratings in their advertising campaigns.
Canstar Cannex founder and director Andrew Willink did not comment on the accuracy of the fees quoted - confirmed to Eureka Report by several institutions - but said the company had "a range of fees relating to star ratings and to awards, so there's quite a range of fees."
The company did not make the fees public because the information was "commercially sensitive", he said.
According to the report, Canstar Cannex did not disclose that it may have received licence fees from lenders participating in its awards program.