23
Acknowledged
Treasury's intervention in NS&I's red-rated programme was significantly delayed despite early warnings
Conclusion
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
Government Response Summary
The Treasury and NS&I acknowledge concerns about the timing of increased scrutiny of the Programme and commit to addressing them through robust planning, risk management, and governance, including developing a comprehensive integrated plan and strengthening systems integration capabilities.
Government Response
Acknowledged
Government Response
Acknowledged
HM Government
Acknowledged
The Treasury and NS&I acknowledge these concerns and are committed to addressing them through robust planning, risk management, and governance. NS&I is working to develop a comprehensive integrated plan that includes clear timelines, cost estimates, and resource allocation. NS&I has strengthened its systems integration capabilities and is ensuring that decisions are based on sound evidence and analysis.
Source
Committee
Public Accounts Committee
Inquiry
NS&I’s transformation programme
Report
67th Report - NS&I’s transformation programme
13 Feb 2026
HC 1237
Addressee Bodies
HM Treasury
Timeline
Recommendation age
0.3 yrs
Report published
13 Feb 2026