UK Inquiry Tracker

NS&I’s transformation programme

Public Accounts Committee Open Inquiry

Opened: 10 Jul 2025 Parliament page

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 … Read more 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, the programme’s intention was to reduce costs, address major risks around legacy technology and enable NS&I to be more flexible in the way it responds to customer demand. When the PAC reported on the programme in March 2024 , it found a project that had already been significantly delayed, owing to bidders for one of the contracts submitting proposals that did not meet NS&I’s requirements. Its report raised concerns that significant problems with procurement on the programme could leave limited flexibility or room for further delays. The PAC asked for regular progress updates on the programme, with a January 2025 update from NS&I’s Chief Executive outlining a revised approach to the programme. The National Audit Office (NAO) reports on the programme in 2025 , with a study exploring progress in NS&I’s transformation and how the programme has been managed to date. Following the NAO’s report, the PAC will take evidence from NS&I and senior HM Treasury officials, with likely topics for scrutiny including challenges with legacy IT and procurement, and how the programme’s intended benefits will be realised. If you have evidence on these issues, please submit here by 23:59 on Thursday 4 December 2025. Please look at the requirements for written evidence submissions and note that the Committee cannot accept material as evidence that is published elsewhere. You can request anonymity or confidentiality when you send evidence, but it is the Committee which decides what information to publish and how. It may treat submissions confidentially, even where you have not requested this. Please note that the Committee’s inquiry cannot assist with individual cases. If you need help with an individual problem you are having, you may wish to read the information on Parliament’s website about who you can contact with different issues . Show less

5 Recommendations

24 Conclusions

1 Report

1 Oral session

7 Letters

1 Event

Activity timeline 11 events

7 Apr
2026

Report published

Treasury minutes: Government response to the Committee of Public Accounts on the Sixty-seventh report from Session 2024-26

2 Mar
2026

Correspondence

Letter from the Chief Executive of NS&I relating to the NS&I transformation programme, 26 February 2026

13 Feb
2026

Report published

67th Report - NS&I’s transformation programme

12 Feb
2026

Correspondence

Letter to the Chief Executive of NS&I regarding Notification of two contingent liabilities – operational and fraud losses, 12 February 2026

19 Jan
2026

Correspondence

Letter from the Permanent Secretary at HM Treasury relating to the Committee’s evidence session on 18 December 2025 on NS&I’s Business Tran…

19 Jan
2026

Correspondence

Letter from the Chief Executive Officer at NS&I relating to the Committee’s evidence session on 18 December 2025 on NS&I’s Business Transfo…

19 Jan
2026

Correspondence

NS&I’s Risk Management Framework [this relates to the letter (no. 2) from NS&I’s Chief Executive Officer]

18 Dec
2025

Oral evidence

Oral evidence session

18 Dec
2025

Correspondence

Letter from Chief Executive NS&I regarding NS&I Departmental Minute Laid-Notification of Two Contingent Liabilities, 17 December 2025

18 Dec
2025

Formal meeting (oral evidence session) · The Grimond Room, Portcullis House

Committee event

15 Dec
2025

Correspondence

Letter from the Chief Executive of NS&I relating to the NS&I Business Transformation Programme, 05 December 2025

Oral evidence sessions 1 session

18 Dec 2025

View on parliament.uk

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

Reports 1 report · click to expand

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

Recommendations & Conclusions

1 result

7 Conclusion Not Addressed

67th Report - NS&I’s transformatio…

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 … Read more

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

View details

Government Response AI assessment · 22 of 5 classified

Accepted 5

Acknowledged 16

Not Addressed 1

Total 5 recs + 24 conclusions

Correspondence 7 letters

2 Mar 2026 To committee Letter from the Chief Executive of NS&I relating to the NS&I transformation programme, 26 February 2026

Parliament page

12 Feb 2026 From committee Letter to the Chief Executive of NS&I regarding Notification of two contingent liabilities – operational and fraud losses, 12 February 2026

Parliament page

19 Jan 2026 To committee Letter from the Permanent Secretary at HM Treasury relating to the Committee’s evidence session on 18 December 2025 on NS&I’s Business Transformation Programme, 13 January 2026

Parliament page

19 Jan 2026 To committee Letter from the Chief Executive Officer at NS&I relating to the Committee’s evidence session on 18 December 2025 on NS&I’s Business Transformation Programme, 13 January 2026

Parliament page

19 Jan 2026 NS&I’s Risk Management Framework [this relates to the letter (no. 2) from NS&I’s Chief Executive Officer]

Parliament page

18 Dec 2025 To committee Letter from Chief Executive NS&I regarding NS&I Departmental Minute Laid-Notification of Two Contingent Liabilities, 17 December 2025

Parliament page

15 Dec 2025 To committee Letter from the Chief Executive of NS&I relating to the NS&I Business Transformation Programme, 05 December 2025

Parliament page