NS&I compensation payouts: Bank expected to hand out as much as £400m to thousands of savers
NS&I is expected to be handing out up to £400m to thousands of savers over money management issues.
MIllions of pounds in compensation is expected to be paid to savers affected by money management issues. National Savings and Investments (NS&I) has been in talks regarding the handling of thousands of customers’ accounts.
The Government-backed bank has held talks with the Treasury over repaying around 37,000 savers whose funds have been affected by failures. The Telegraph reported that NS&I could pay as much as £400 million to impacted customers.
The reported failings at the bank included bereaved families not being able to receive money they claim was rightfully theirs. On Wednesday, the bank apologised to anyone suffering a bereavement who has not received the customer service “they should expect”.
Pensions minister Torsten Bell is expected to speak on the issue in the House of Commons later on Thursday.
NS&I offers a range of savings and investments to more than 24 million customers, including more than 22 million Premium Bonds holders.