Fintech start-up Snoop, which aims to help consumers tackle loyalty penalties by helping them to access and switch to the best deals available wherever they spend their money, has secured approval to operate in the UK market by the Financial Conduct Authority (FCA).
Backed by ex-Virgin Money boss Dame Jayne-Anne Gadhia, it is claimed that the Snoop app uses a combination of artificial intelligence and human intelligence to deliver data-driven, personalised insights.
These in turn, “help consumers avoid rip-offs and make the most of their money”, automatically transferring them to better deals when they become available, the fintech claims.
As well as giving a complete view of a customers’ finances, Snoop insists the app will suggest ways for customers to make more of their money based on their outgoings and spending, adding that “everything is designed to give consumers control and convenience, improve their banking experience and make their lives easier”.
Snoop co-founder Scott Mowbray said: “At Snoop we want to make peoples’ lives easier, inject some hustle and take away the hassle of managing money. Banking is in desperate need of a game-changer and that’s what Snoop is gunning for.
“Now that we’ve got regulatory approval from the FCA we can move towards executing our launch plans. We’ve already got thousands of people signed up and waiting for the first version of Snoop and we will now prepare the ground for our closed group beta in the New Year before rolling out Snoop to everyone. We want to change the way people look at their money and we can’t wait to get started.”
In September 2018, Citizens Advice submitted a super-complaint to the Competition & Markets Authority about the £4.1bn loyalty penalty people pay across the five “essential markets” of mobile, broadband, cash savings, home insurance and mortgages.
However, despite agreeing that there should be action taken, there has yet to be any new legislation to cover the issue.
Mobile phone giant Three UK was recently accused of ripping off loyal customers by forcing them to pay an extra £32.4m a year after refusing to sign an Ofcom pledge – already backed by rival operators – to apply automatic discounts once customers’ contracts have expired.