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, …

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

1 item

7 Conclusion 67th Report - NS&I’s transformation pro… Not Addressed

NS&I attempted an overly complex, risky programme with too many parallel transitions.

We asked NS&I why it had been trying to do such a complex Programme, splitting operations undertaken by a single supplier into a multi-supplier model, in such a risky way. The NAO report shows that NS&I original planned expected four transition stages to happen largely at the same time, and …

Government response. The government's response completely fails to address the committee's conclusion about NS&I's complex programme transition and the need for re-evaluation, instead discussing unrelated matters concerning Carer's Allowance overpayments and reassessments.

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

Date	Direction	Title
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…