Select Committee · Public Accounts Committee

NS&I’s transformation programme

Status: Open Opened: 10 Jul 2025 5 recommendations 24 conclusions 1 report

National Savings and Investments (NS&I), which borrows on behalf of government from retail investors via products such as premium bonds, has around 25m savers with over £230bn invested. It is undertaking a business transformation programme to replace Atos as the single supplier of its back-office and customer-facing functions with a multi-supplier model. Launched in 2019, …

Clear

Reports

1 report
Title HC No. Published Items Response
67th Report - NS&I’s transformation programme HC 1237 13 Feb 2026 29 Responded

Recommendations & Conclusions

5 items
2 Recommendation 67th Report - NS&I’s transformation pro… Accepted

Seek positive attestation on NS&I implementing culture review recommendations and leadership learning lessons.

NS&I’s positive news culture has meant it has not learned lessons, which has affected its ability to deliver the programme. NS&I told us that that it promotes a “can do” attitude and culture; while this has benefits in encouraging commitment to NS&I and to transformation, NS&I acknowledges that it has …

Government response. The government agrees and commits to presenting an initial plan for business-wide cultural change, addressing review findings, to the Board/Treasury in early Summer 2026 for implementation over 12-18 months. It also notes ongoing governance revisions to incorporate feedback and challenge.
HM Treasury
3 Recommendation 67th Report - NS&I’s transformation pro… Accepted

Strengthen and embed NS&I's new risk management framework, reporting progress to the Committee.

It has taken NS&I far too long to develop a risk management framework, which has left the taxpayer exposed to unacceptable risks. NS&I launched multiple procurements and planned to deliver four transitions in parallel with no understanding of the risks this was exposing the organisation and its customers to. The …

Government response. The government agrees with both recommendations, committing to Mr Goldstone reviewing the application of the new risk management framework and NS&I writing to the Committee by June 2026 on its progress in implementing and embedding the framework.
HM Treasury
4 Recommendation 67th Report - NS&I’s transformation pro… Accepted

Write to the Committee detailing resource management strategy, consultant use, and supplier contract management.

NS&I has failed to support the Programme with the skills and expertise it needs to deliver successfully. As an organisation with most of its operations contracted out to Atos, it is not surprising that NS&I had limited experience of digital transformation when starting the Programme. NS&I told us it has …

Government response. The government agrees and commits to NS&I setting out its resource management strategy, including consultant and supplier contract management, to the Committee within six months.
HM Treasury
5 Recommendation 67th Report - NS&I’s transformation pro… Accepted

Amend NS&I's reporting to include additional metrics on Programme cost and progress.

NS&I’s governance structures still do not have the performance metrics and information needed to hold the Programme to account. It is difficult to establish the cost of the Programme from the information provided by NS&I. The Treasury told us that, outside the times where it was being asked to approve …

Government response. The government agrees, stating that NS&I has already implemented new monthly reporting metrics for delivery progress and spend, will complete a full spend audit by Q1 2026-27, and is working to enhance financial reporting across governance forums.
HM Treasury
6 Recommendation 67th Report - NS&I’s transformation pro… Accepted

Report to Committee on Treasury's assessment of NS&I's plan, budget, and oversight lessons.

The programme had suffered several serious setbacks before the Treasury gave it the attention it deserved. While NS&I is responsible for the Programme, the Treasury is NS&I’s sponsor department and, given its wider role in promoting good practice in managing major programmes and the high risk that the Programme delivery …

Government response. The government agrees, stating the Treasury will assess NS&I's integrated plan through a new Full Business Case via the Treasury Approval Panel process, requiring external assurance and considering David Goldstone's advice. It also highlights actions already taken, such as bolstered …
HM Treasury

Oral evidence sessions

1 session
Date Witnesses
18 Dec 2025 Dax Harkins · National Savings and Investments, James Bowler CB · HM Treasury, Matthew Smith · National Savings and Investments, Sam Beckett · Department for Business, Energy and Industrial Strategy, Stephen Farrington · HM Treasury View ↗

Correspondence

7 letters
DateDirectionTitle
2 Mar 2026 To cttee Letter from the Chief Executive of NS&I relating to the NS&I transformation pro…
12 Feb 2026 From cttee Letter to the Chief Executive of NS&I regarding Notification of two contingent …
19 Jan 2026 To cttee Letter from the Permanent Secretary at HM Treasury relating to the Committee’s …
19 Jan 2026 To cttee Letter from the Chief Executive Officer at NS&I relating to the Committee’s evi…
19 Jan 2026 NS&I’s Risk Management Framework [this relates to the letter (no. 2) from NS&I’…
18 Dec 2025 To cttee Letter from Chief Executive NS&I regarding NS&I Departmental Minute Laid-Notifi…
15 Dec 2025 To cttee Letter from the Chief Executive of NS&I relating to the NS&I Business Transform…