NS&I boss sacked over bereaved families’ savings scandal | Personal Finance | Finance

The chief of National Savings and Investments has been sacked after the company was alleged to have short-circuited bereaved families. Dax Harkins was ousted as CEO after it was reported that NS&I, a state-owned savings bank, had lost track of dead customers’ investments and withheld Premium Bonds.

Pensions Minister Torsten Bell MP told the House of Commons that 34 million customer records had been reviewed, suggesting a maximum of around 37,500 customers with deposits of up to £476 million were affected. It is understood that the bank plans to refund beneficiaries of now-dead savers whose money was retained.

Mr Bell said tens of thousands of people had been deprived of hundreds of millions in savings owed to them by NS&I. Mr Harkins was appointed boss of the bank in 2023. He started working in the sales department of the organization.

He received around £325,000 in 2025 – £190,000 of which as salary.

There was also £25,000 in pension benefits and a bonus of £110,000, according to the records cited. Telegram.

The Conservative Party’s shadow chancellor, Sir Mel Stride, told the newspaper it was a “shocking failure”.

He added: “Heads have rightly been turned to action, but there are serious questions about how this was allowed to happen and why it has taken so long to act.

“The government must ensure every penny is repaid quickly and ensure taxpayers are not left saddled with the bill for another public sector debacle.”

The bank said: “We recognize that grief can be difficult to deal with and would like to apologize to anyone who did not receive the customer service they should have expected from NS&I, especially at such a sensitive time.”

NS&I offers a range of savings and investments to more than 24 million customers, including more than 22 million Premium Bond holders.

Supported by HM Treasury, it was previously known as Post Office Savings Bank and National Savings.