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, one of the largest savings institutions in the UK, holds over £240 billion for approximately 24 million customers, and is now facing intense scrutiny over its handling of bereavement claims.
NS&I has confirmed that it owes nearly £500 million in missing payments, with 37,500 bereavement claims potentially affected. Families are collectively owed £476 million due to significant administrative errors that have plagued the organization. A spokesperson for NS&I 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.”
Harkins, who was appointed to the role in April 2023, faced mounting criticism not only for the missing payments but also for a £3 billion modernization program that has been labeled a “full-spectrum disaster.” His annual salary and pension perks reportedly totaled £300,000, raising questions about leadership accountability in light of the ongoing crisis.
In 2025 alone, NS&I received 211,800 new bereavement claims and repaid £4 billion in bereavement claims. However, the current situation has left many families in distress, waiting for funds that rightfully belong to them. Torsten Bell, a prominent figure in the organization, emphasized the importance of leadership, stating, “I want to make sure NS&I has the best leadership in place.” He also reassured the public, saying, “These deposits belong to customers – returning them in no way presents an additional liability to the taxpayer.”
As the scandal unfolds, NS&I has committed to prioritizing the reunion of beneficiaries with their money as swiftly as possible. The organization has also indicated that robust measures have been implemented to prevent such issues from recurring in the future. An NS&I representative mentioned, “The issue has been resolved for current and new bereavement claims and robust measures have been introduced to ensure this does not happen again.”
Historically, NS&I was established in 1861 as the Post Office Savings Bank, designed to provide a safe place for the public to save. However, the current crisis has raised serious concerns about its operational integrity and the trust of its customers. With the dismissal of Harkins, observers are left to ponder the future leadership of NS&I and whether it can restore confidence among its clients.
As the organization works to rectify the situation, the focus remains on the families affected by the missing payments. Details remain unconfirmed regarding the timeline for resolving the outstanding claims, but NS&I’s commitment to addressing these issues will be closely monitored by both the public and regulatory bodies.