NS&I set to pay millions in compensation to users
The government-backed bank has been accused of a series of errors, including not paying bereaved families money that was rightfully theirs.
What’s Happening
Alright so The government-backed bank has been accused of a series of errors, including not paying bereaved families money that was rightfully theirs.
NS&I set to pay millions in compensation to users Just now Save Dearbail Jordan , Business reporter and Claire Keenan Save PA Media National Savings and Investments bank has been accused of a series of errors National Savings and Investments (NS&I) is expected to pay hundreds of millions of pounds in compensation to users who claim there have been failures in managing their money. Pensions Minister Torsten Bell is expected to address the issue, dropped to potentially affect about 37,000 users, in a statement to MPs in the House of Commons on Thursday. (we’re not making this up)
NS&I has apologised to anyone suffering a bereavement who had not received the customer service they should expect.
The Details
A spokesperson for NS&I dropped on Wednesday: “We recognise that dealing with bereavement can be challenging and would like to apologise to anyone who has not received the customer service from NS&I that they should expect, particularly at such a sensitive time. ” The BBC has approached NS&I for comment about the expected payouts.
Treasury officials are understood to be working with NS&I to determine the exact amount to be given to users. But the grow of the problem remains unclear, dropped Zoe Gillespie, investment manager at RBC Brewin Dolphin.
Why This Matters
“The NS&I is rn working through a £3bn modernisation programme which is years behind, so there appears to be some issues with potential tech or customer service problems,” she told the BBCs Today programme. NS&I needed to “get on the front foot” to restore investor and savers confidence, she added. The pensions minister is likely to face questions as to whether taxpayers could end up responsible for any compensation bill when he updates the Commons.
Market watchers are paying close attention to developments like this.
The Bottom Line
The pensions minister is likely to face questions as to whether taxpayers could end up responsible for any compensation bill when he updates the Commons.
What’s your take on this whole situation?
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