Interesting post, thank you !

With any scheme like this, it's worth checking the FCA firms list to understand the scope of what is regulated. It looks like Griffin Bank are covered, but (as with most entries on the list) only certain activities are covered. I'd suggest it is worth understanding if Ribbon Rewards are treated as current account payments (covered) or e-money (may not be covered, the wording needs digging into).

I'd also suggest that because the scheme says it is run by Scraye Limited, how that interacts with Griffin Bank. Is Scraye purely responsible for the reward points, or does it touch your funds in any way. Looking on Companies House, there is no Scraye Ltd. There is a Scraye rent Ltd that were dissolved in February last year, and a Scraye Technologies formed in 2020 with very much the same team of directors. That's by no means an automatic red flag, but certainly warrants a little digging ! Their next accounts are due by the end of the month....