Parliamentary Committees and Public Enquiries
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NS&I responds to Treasury Committee

Following various concerns about National Savings and Investments (NS&I), Rt Hon. Mel Stride MP, Chair of the Treasury Committee, wrote to its Chief Executive Ian Ackerley last month.

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In his response, published today, Mr Ackerley:

  • Apologised to NS&I customers who experienced poor service last year
  • Explained that NS&I has paused the planned transition to paperless Premium Bonds prize payments
  • Said that NS&I is implementing a detailed operational recovery plan to reduce call waiting times, address complaints more rapidly, and reduce the backlog of customer queries
  • Set out NS&I’s rationale for ending payments of Premium Bonds prizes by cheque, which will be delayed until the spring

Chair's comments

Commenting on the correspondence, Mr Stride said:

“An exodus of savers from NS&I when it cut interest rates in November was foreseeable and so it is disappointing that the average time to answer a customer’s call was 19 minutes that month.

“I would like to thank Mr Ackerley for his frank response, but the damage that may have been done to NS&I’s reputation over the last few months is worrying.

“NS&I has a big role to play in helping the Government fund the costs of the coronavirus recovery scheme and it will need to work hard to win back customers."

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