NS&I preparing to repay hundreds of millions of pounds over missing savings

"National Savings and Investments is preparing to repay hundreds of millions of pounds to its customers over missing savings, in what is expected to be the single biggest payout in the bank's 160-year history."

"The bank has been accused of a series of errors dating back several years, with reports that bereaved families did not receive money that was rightfully theirs."

"The cost of the project, which launched in 2022, has risen from 1.3bn to 3bn, with little transformation delivered, according to the public accounts committee."

"NS&I said it apologised to anyone suffering a bereavement who had not received the customer service they should expect."

National Savings and Investments is preparing to repay hundreds of millions of pounds to approximately 37,000 customers for missing savings linked to historical failings. This payout, expected to be the largest in the bank's history, is not classified as compensation but rather as restitution for unreceived funds. The funding source for this payout remains uncertain, with potential implications for the Treasury. The bank has faced criticism for errors, including failing to pay bereaved families and delays in payments, alongside issues related to its costly modernization program.

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