Select committee: Public Accounts Committee
Conclusion 23
67th Report - NS&I’s transformation programme
Published 13 Feb 2026
Addressed to HM Treasury
Public Accounts Committee NS&I’s transformation programme All items in this report Report on parliament.uk ↗ Inquiry on parliament.uk ↗
Conclusion (the committee's words)
The NAO found that the Treasury has increased its scrutiny of the Programme since 2024, and had instigated changes to governance, including appointing new NEDs.66 The Treasury noted that it has now moved to a “quite interventionist” approach, but agreed that this could have happened earlier.67 Although the Treasury knew that the programme was already rated “red” in Infrastructure and Projects Authority’s 2022–23 annual report, it took until 2024 to get a grip on the programme and appoint new NEDs, a new chair of the transformation board and, in November 2025, asking Mr Goldstone to look at the programme.68
From: Public Accounts Committee, 67th Report - NS&I’s transformation programme (HC 1237), 13 February 2026
Government response
The government responded to the whole report on 7 April 2026 (deadline 13 April 2026).
Summary written by Accountability Index from the government's response. It is not the government's own words.The government states that it "agrees with the Committee's recommendation" on each of the recommendations in the report, and sets target implementation dates between June and Autumn 2026.
- On the integrated plan, the government agrees that NS&I should prepare a realistic plan. NS&I is developing costed options, which will form the basis of a revised Full Business Case in the second quarter of 2026-27, "subject to Treasury and Ministerial process timings".
- NS&I will write to the Committee "within six months" setting out the integrated plan, including timelines and a revised estimated cost, and will provide a written update on its risk management framework "by June 2026".
- On culture, a business-wide programme of cultural change activity will be developed, with an initial plan to go to the Board and the Treasury in early Summer 2026 for "rolling implementation over the coming 12-18 months".
- The Treasury says it will evaluate NS&I's agreed plan through a full Treasury Approval Panel process and will write to the Committee in the Autumn on lessons learned from its oversight.