GoCompare has launched weflip, a service that automatically switches customers to cheaper energy providers.
The price comparison website, which also compares insurance policies, is the first large company in the sector to launch an automatic switching service. Switches are only made when a minimum of £50 can be saved. Customers can sign up to weflip immediately.
In addition, the automatic switching service is completely free for customers. The solution is paid for by the fees received from the energy suppliers to which customers are switched.
Matthew Crummack, CEO of GoCompare.com Group said: “We are excited by the launch of weflip as our first proposition focused on our ‘Savings as a Service’ strategy. Though it will take time to fully develop traction in the switching market, we believe weflip is a hugely powerful tool and will be very appealing to customers.”
Frank Field MP, Chair of the Work and Pensions Select Committee,said: “There is an army of loyal consumers in Britain who, for one reason or another, simply do not have the time or resources to shop around for the cheapest deals.
“Currently, the onus is on those households to make difficult and time-consuming choices between different deals offered by suppliers, often based on confusing tariffs, amongst all the other competing demands that life throws at them. Hence the ease with which suppliers can continue asking them, year after year, to pay over the odds for the gas and electricity.
“Any moves to address this injustice by helping those hard-up households who, as loyal consumers, have long been paying too much for their gas and electricity, are to be welcomed.
“I hope the scheme being announced today will begin an upheaval of the energy market which eventually leads to all households being placed automatically on the cheapest available tariff which matches their patterns of consumption.”