67th Report - NS&I’s transformation programme

The government agrees and commits to presenting an initial plan for business-wide cultural change, addressing review findings, to the Board/Treasury in early Summer 2026 for implementation over 12-18 months. It also notes ongoing governance revisions to incorporate feedback and challenge.

The government agrees with both recommendations, committing to Mr Goldstone reviewing the application of the new risk management framework and NS&I writing to the Committee by June 2026 on its progress in implementing and embedding the framework.

The government agrees and commits to NS&I setting out its resource management strategy, including consultant and supplier contract management, to the Committee within six months.

The government agrees, stating that NS&I has already implemented new monthly reporting metrics for delivery progress and spend, will complete a full spend audit by Q1 2026-27, and is working to enhance financial reporting across governance forums.

The government agrees, stating the Treasury will assess NS&I's integrated plan through a new Full Business Case via the Treasury Approval Panel process, requiring external assurance and considering David Goldstone's advice. It also highlights actions already taken, such as bolstered Board representation and engaged skilled support, as examples of lessons learned from oversight.

The Treasury accepts the recommendation, confirming that NS&I is now working to an agreed and approved integrated Programme plan, with detailed Cost Management, Programme, and Benefits Realisation plans approved in March 2024. These plans define scope, costs, and ensure delivery against milestones, with ongoing monthly monitoring and quarterly reviews.

The Treasury confirms that NS&I is now working to an agreed and approved integrated Programme plan, with detailed Cost Management and Benefits Realisation plans approved in March 2024, defining scope and costs. NS&I has also significantly improved financial data quality with robust controls and is developing a new, comprehensive cost reporting approach.

The Treasury notes the challenges in establishing programme costs, confirming NS&I's Cost Management and Benefits Realisation plans were completed and approved in March 2024, which define scope and costs. The response states NS&I has significantly improved financial data quality, implemented robust financial controls, and is developing a new, comprehensive approach to cost reporting.

The Treasury acknowledges historic challenges in understanding cost increases but highlights that NS&I's Cost Management and Benefits Realisation plans were completed and approved in March 2024, providing clear definitions of scope and costs. The response confirms significant improvements in financial data quality, robust controls, and continuous scrutiny to track and manage programme costs.

The Treasury accepts the recommendation, stating NS&I now tracks programme progress through internal metrics reported to committees and the Treasury, and has adopted revised objectives aligned with the latest plan. These new targets are incorporated into the 2024-25 Corporate Plan, with performance to be publicly reported in NS&I’s Annual Report and Accounts for 2024-25.

The Treasury notes the challenges in establishing spend data for the Programme and confirms that NS&I's Cost Management and Benefits Realisation plans, defining scope and costs, were completed and approved in March 2024. The response highlights significant improvements in financial data quality and robust financial controls, with continuous scrutiny and reporting enhancements.

The Treasury confirms that processes for Lead NED assurance on programme finances have been strengthened, and NS&I's Cost Management and Benefits Realisation plans were approved in March 2024. It continues to scrutinise monthly spend and holds quarterly assurance meetings to manage programme costs effectively.