The numbers
Dax Harkins has been dismissed as chief executive of National Savings & Investment (NS&I) amid a scandal involving nearly £500 million in missing payments to bereaved families. The organization has confirmed that approximately 37,500 bereavement claims are potentially affected, with families collectively owed £476 million due to administrative errors.
NS&I, one of the largest savings organizations in the UK, holds more than £240 billion for 24 million customers. The scale of the issue has raised significant concerns, particularly as NS&I has faced criticism over a £3 billion modernization program that has been described as a ‘full-spectrum disaster’.
Since Harkins’ appointment as chief executive in April 2023, the organization has struggled to address these payment issues effectively. In 2025 alone, NS&I received 211,800 new bereavement claims and repaid £4 billion in claims, highlighting the growing challenges faced by the organization.
In response to the situation, an NS&I spokesperson stated, “We recognize that dealing with bereavement can be challenging and would like to apologize to anyone who has not received the customer service from NS&I that they should expect, particularly at such a sensitive time.” This acknowledgment comes as NS&I has committed to prioritizing the reuniting of beneficiaries with their funds as soon as possible.
Torsten Bell, a key figure in overseeing NS&I’s operations, emphasized the need for effective leadership, stating, “I want to make sure NS&I has the best leadership in place.” He also reassured the public that the deposits belong to customers and that returning them does not present an additional liability to the taxpayer.
As the fallout from this scandal continues, NS&I has implemented robust measures to ensure that similar issues do not arise in the future. An official statement from NS&I confirmed, “The issue has been resolved for current and new bereavement claims and robust measures have been introduced to ensure this does not happen again.” This development aims to restore confidence among customers and beneficiaries alike.
Details remain unconfirmed regarding the full extent of the administrative errors and how they will be rectified moving forward. Observers are closely monitoring the situation as NS&I navigates the challenges of regaining trust and ensuring that bereaved families receive the payments they are owed.
