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Public Accounts Committee Calls NS&I Modernization a 'Disaster'

2/13/2026

Summary

Story summary

Public Accounts Committee of Parliament (PAC) labeled the National Savings & Investments (NS&I) modernization a 'full-spectrum disaster'.
NS&I manages £240bn for 25 million customers.
Transformation costs rose from £1.3bn to £3bn with minimal progress.
The Public Accounts Committee criticized NS&I for exposing taxpayers to unacceptable risk and for relying on consultants without a clear plan.
NS&I acknowledged the report and said it is working on improving program delivery.

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Story summary

Public Accounts Committee of Parliament (PAC) labeled the National Savings & Investments (NS&I) modernization a 'full-spectrum disaster'.
NS&I manages £240bn for 25 million customers.
Transformation costs rose from £1.3bn to £3bn with minimal progress.
The Public Accounts Committee criticized NS&I for exposing taxpayers to unacceptable risk and for relying on consultants without a clear plan.
NS&I acknowledged the report and said it is working on improving program delivery.