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Next Generation Comparison App will be first to receive UK Regulation
A new app that helps users save hundreds of pounds every year by managing their bills and subscriptions is to become the first of its kind to be regulated in the UK.
Bean connects to individual bank and credit card accounts and tracks all regular payments, including subscriptions and household bills, alerting users to opportunities to switch or cancel.
The Financial Conduct Authority (FCA) has informed the company it is “minded to authorise” the service, giving users the similar rights and protections they would have as customers of a bank.
Approval from the regulator will mean that the platform can share switching deals on insurance and debt products, as well as other services, such as rent, utilities – or subscriptions, like Spotify, Netflix and Apple – so users can manage them on a single platform.
Bean’s CEO, Peter Myatt, launched Bean last month, having left ZPG PLC, owner of Zoopla and uSwitch and Money.co.uk, in 2016.
He said: “We are now on the cusp of being the first regulated personal finance management platform with permissions on a full range of financial services products.
“This puts Bean at the front of the next generation of price comparison sites – previously you had to search around for a good deal and then manage your own cancellations or switches.
“But we take all the hassle out of that process by allowing you to manage your finances in one place, helping millions of households on low to middle incomes get on top of their spending.”
In pre-launch tests, Bean saved users, on average, the equivalent of £672 per year with some managing to curb around £1,000 from their spending.
The FCA’s approval is subject to confirmation that the firm holds its required capital as well sharing confirmation of the date that its PPI is placed on risk.
Visit Bean at www.usebean.com.
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