House of Commons · Written Ministerial Statement
National Savings and Investment
26 March 2026 · Treasury
Proposed by Torsten Bell Lab Swansea West
Summarised by AI from the official record, so it can contain mistakes.
At a glance
Key points
- NS&I failed to trace all accounts for deceased customers, leaving savings unclaimed.
- NS&I has hired external advisers and additional staff to address the issue.
- Sir Jim Harra has been appointed as interim CEO to review the tracing issue.
Issue summary
NS&I failed to trace all accounts for deceased customers, resulting in unclaimed savings not reaching beneficiaries.
Action requested
NS&I has engaged external advisers to identify affected customers, hired additional staff to reunite funds with owners, and appointed Sir Jim Harra as interim CEO to review the tracing issue and set out future lessons. A delivery plan will be published in May.
Key facts
- NS&I failed to trace up to around 37,000 customer accounts, with up to £476m in deposits affected.
- EY and Herbert Smith Freehills Kramer are involved as external advisers.
- NS&I hired an additional 100 staff for the programme team.
- A delivery plan will be published by May detailing how funds will be reunited.
- Sir Jim Harra, former HMRC First Permanent Secretary, has been appointed interim CEO.
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Assessment & feedback
Summary accuracy