BBC News | NS&I to begin contacting victims of lost funds scandal
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National Savings & Investments (NS&I) announced it will begin contacting the families of roughly 34,000 deceased account holders whose estates were under‑paid in the “lost‑funds” scandal, which left about £367 million unrecovered because of errors in identifying all NS&I products held at death. All affected estates with holdings of £10 or more will be contacted in the coming weeks, with payments—including accrued interest or the Bank of England base rate + 1 %—expected to be completed by the first half of next year and exempt from inheritance and income tax. The bank will also offer reimbursement for reasonable legal costs and has introduced a more robust bereavement‑claim process after the former chief resigned and widespread complaints highlighted long delays, unnecessary paperwork and distress for bereaved families such as Jennifer Brough and Rhona Edwards. Sir Jim Harra, interim chief executive, apologised and pledged additional staff to speed up the repayments.
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