00:00That brings us to a statement on national savings and investments.
00:05Minister Torsten Bell.
00:08Thank you, Madam Deputy Speaker.
00:10With permission, I would like to make a statement regarding national savings and investments.
00:14On 18 December 2025, NS&I notified the Treasury of an operational failure
00:19to comprehensively trace accounts for some customers who had passed away.
00:23The result of this failure is that not all savings were identified by NS&I
00:28and paid to the beneficiaries of their estates as they should have been.
00:32Specifically, processes failed to comprehensively trace some customer holdings
00:36where those were spread across multiple profiles or systems.
00:40Now, Honourable Members will be aware of historical challenges in financial services in this regard.
00:45For example, the FCA took enforcement action in 2018 against Santander
00:49relating to the tracing of accounts following notification that a customer had passed on.
00:54This received significant attention at the time.
00:59However, what is now clear is that NS&I and its suppliers did not respond to those warning signs as
01:04fully as I,
01:05and more importantly, their customers, would expect.
01:08Nor did the last Government Act.
01:10Nor is no need to recognize the trust that students have received a central contract.
01:10Therefore, the腹 is stored in a similar form of personal flexibility compared to their customers the follow-up of the
01:10cost.
01:10Let's go.
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