NS&I’s late and over-budget transformation programme scrutinised by PAC
The Public Accounts Committee (PAC) holds a scrutiny session on National Savings and Investments’ (NS&I) transformation programme.
Meeting details
NS&I began this programme in 2020, aiming to reduce costs and develop a self-service digital business. It is now late, and over budget. Total costs were estimated this year at £3bn. Including running costs and contract extensions, that is an increase of £1.3bn from 2020. By the original end date of March 2024, none of the new services had been modernised or were live. The National Audit Office (NAO) has found that NS&I has sometimes been slow to learn lessons following a 2024 reset of the work.
The NAO’s report highlighted that NS&I staff in 2024 felt that decision-making in the organisation was slow and hierarchical, decision-making processes were not understood, and that staff confidence was hindered in making appropriate decisions due to a lack of transparency within programme processes.
The PAC will be exploring whether NS&I has the capacity and capability to deliver the programme, which, as of October 2025, had no complete and agreed integrated plan or contingency for delays or cost pressures. The session will likely explore what a realistic plan for delivery will look like, and what is being done to create the right culture for the programme.