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Treasury Committee seeks answers from NS&I following string of complaints

22 December 2020

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

The Committee is seeking answers from Mr Ackerley on:

  • The low levels of customer satisfaction with NS&I
  • The sharp increase in complaints about NS&I
  • The rationale for the dramatic cuts to NS&I’s interest rates on savings products
  • The now-postponed decision to stop paying Premium Bond winners by cheque
  • The additional funding for NS&I of £40.5m from the Contingencies Fund

Chair's comments 

Commenting on the correspondence, Mr Stride said:

“Whilst NS&I took steps to keep service levels up during the pandemic, they appear to have been unsuccessful.

“The decision to stop paying Premium Bond winners by cheque will be particularly concerning to vulnerable consumers.

“I am also seeking clarity around last week’s grant of urgent additional funding from the taxpayer for NS&I.

“I’ve written to Mr Ackerley to see what reassurances he can provide to the Committee.”

Further information

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