"The Treasury-backed savings bank National Savings and Investments (NS&I) has been criticised over failing to control costs and have a viable plan in place to complete a business transformation project which is already two years late and has spent over 3bn in taxpayer money. NS&I has around 25 million customers which it serves through the Premium Bonds prize draw and fixed term savings bonds, representing more than an estimated 240bn. However, the transformation project has been condemned by a Public Accounts Committee (PAC) which says it has not yet managed to deliver any meaningful benefits for taxpayers."
"The project was due to be completed in 2024, having been launched in 2020, and has seen costs overrun by well over 1bn even though work on the main banking engine overhaul has yet to start. A new deadline is set for March 2028."
"Not only do NS&I - nor the Treasury - know how much has been spent so far, there was still no clarity on the eventual cost for completion, noted the PAC,"
National Savings and Investments (NS&I) is a Treasury-backed savings bank serving around 25 million customers and holding an estimated £240bn through Premium Bonds and fixed-term savings. A business transformation project launched in 2020 was due to finish in 2024 but is now delayed and reset to March 2028. The programme has spent over £3bn of taxpayer money and incurred cost overruns exceeding £1bn, while core work on the main banking engine has not yet begun. The Public Accounts Committee has condemned the programme for failing to control costs, lacking a viable completion plan, and delivering no meaningful benefits for taxpayers, with uncertainty remaining over total expenditure and final completion costs.
Read at www.independent.co.uk
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