National Savings & Investments

Phil Brickell Excerpts

Thursday 26th March 2026 Commons Chamber

[Torsten Bell]

Let me try to take the right hon. Member’s questions in turn. I would think of compensation as two buckets. There will be automatic compensation relating to the withholding of funds. The FCA provides guidance on how that should be administered, and we will ensure that is put in place in full. More complicated cases—he has given examples in which the deprivation of funds has had implications—will be considered on a case-by-case basis, rather than by using the FCA formula that I have mentioned.

I am keen to praise journalists where we can, but I am afraid that, in the case of The Daily Telegraph in recent weeks, praise needs to be caveated. It is important to raise cases brought up by members of the public, but some of the reporting I have seen in the past 48 hours has been incredibly inaccurate. I will give the right hon. Gentleman two examples. The Daily Telegraph has published a piece claiming that 160,000 cases relating to NS&I have been brought to the Financial Ombudsman Service, when in truth that number is in the hundreds. That was printed on the front page of the newspaper without basic fact-checking taking place. Today, the paper has talked about taxpayers’ money being used to reunite people with their funds. That is entirely inaccurate for the reasons that I have set out. I worry that that will have worried some MPs and members of the public. It is important that we raise questions of customer service, in which NS&I has fallen short, as I have said, but we should not be blind to what has been inaccurate journalism in the past 48 hours.

[Phil Brickell (Bolton West) (Lab)]

I have very fond memories of the National Savings & Investment savings account that I held as a child—I regularly paid money into it at Little Lever post office. I understand how important it is for the Government to right historical failings at NS&I, and to reassure my constituents. I commend the Minister and the Treasury for the decisive action that they have taken, including the appointment of a new NS&I chief executive who is well respected across this House. What more can the Minister say to assure savers in Bolton West that NS&I will get to grips with the issues that he has mentioned today? In the light of his comments about false reporting in The Daily Telegraph, and given the extreme sensitivity around bereavement and funds, what more are his Department and officials doing to dispel the false information that has been put out by newspapers?

[Torsten Bell]

I am sure that many Members across the House, and many people across the country, share my hon. Friend’s experience of early engagement with NS&I. The brand has very high awareness and support for exactly the reasons he gives. On his question about an assurance that there will be change, I hope that I have set that out. The most important thing is putting in place new leadership and ensuring that we have spent the time with external advisers involved in recent months to understand the problem in detail and to set the path to putting it right. He will have heard what I have said about some of the media reporting. I hope that my statement has laid out the facts on the implications for taxpayers and the nature of the problem we are facing.