Select committee: Public Accounts Committee
Conclusion 25
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 reported that it was challenging to establish the cost of the Programme from the information NS&I provided. NS&I said it was working on improvements to its cost data for its next business case this.72 The Treasury said it had been satisfied by the spend data in each business case it approved, but there was a lack of clarity at other times.73 When challenged on its understanding of cost data, NS&I said it had “access to the information”, but that legacy systems meant it still has “”some more work to do in terms of how we how we present that information”, and that it was “working through” these issues as it developed the new Programme plan.74 It considered that it had made “significant changes” over the last six to eight months, and said it was “good” that GIAA had rated its financial controls as “moderate”.75 GIAA defines “moderate” as meaning “some improvements are required to enhance the adequacy and effectiveness of the framework of governance, risk management and control”.76
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.