A new app that can help users save hundreds of pounds every year by managing their recurring payments has become the first of its kind to be regulated in the UK.

Bean (usebean.com) connects to individual bank and credit card accounts and tracks all regular payments, including subscriptions and household bills, alerting users to opportunities to save money through switching or allowing them to cancel altogether.

The Financial Conduct Authority (FCA) has authorised the service which means that the platform can now share switching deals across the bills marketplace on insurance and credit products, as well as other services, such as broadband, utilities and subscriptions, allowing people to easily automate saving with Bean.

More than 50% of spending by consumers is through recurring payments, including subscriptions for services like Spotify, Netflix, Apple and Graze Box.

Bean’s CEO, Peter Myatt, said: “Consumers are increasingly signing up to the products and services they love using monthly or annual payments. But they fall into subscription traps and miss out on savings if they don’t keep on top of their spending. Bean doesn’t just show you a dashboard of your personal finances, it actually notifies you about better deals and potential savings across the bills marketplace and helps you get rid of unwanted subscriptions, without any hassle. Previously you had to search around for a good deal and then manage your own cancellations or switches.

“Being regulated sends out a strong message to users that Bean is not just helpful but is a responsible and secure service that can be trusted.”