NS&I scandal continues as Rachel Reeves alerted to 'serious' savings failures a year ago

Patrick O'Donnell
Sat, 04 Apr 2026 13:24:22 +0000

Chancellor Rachel Reeves is understood to have been alerted to "serious" issues at National Savings and Investments (NS&I) a year ago.

Ms Reeves was told of record-keeping failings and errors around contacting deceased savers' Premium Bonds accounts last March, but did not appear to act when these concerns were raised.

The Chancellor was sent a letter by Sir Iain Duncan Smith, who detailed these errors and how they could impact NS&I's service, The Telegraph reports.

This revelation comes after it emerged that 37,500 households were unable to access their deceased loved ones' savings with the financial institution.

Some £476million in savings were unable to be accessed with Dax Harkins resigning from his position as NS&I chief executive.

GB News has contacted the Treasury for comment.

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