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."

Further information

 

Channel website: http://www.parliament.uk/

Original article link: https://committees.parliament.uk/committee/158/treasury-committee/news/138627/nsi-responds-to-treasury-committee/

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