The numbers
Dax Harkins was 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 has confirmed that approximately 37,500 bereavement claims are potentially affected, with families collectively owed £476 million due to administrative errors.
Harkins, who was appointed to lead NS&I in April 2023, faced significant scrutiny as the bank struggled to manage its modernization program, which has been criticized as a “full-spectrum disaster” costing £3 billion. This program was intended to improve service delivery but has instead contributed to the current crisis.
NS&I, one of the largest savings organizations in the UK, holds over £240 billion for 24 million customers. The organization has apologized for the difficulties faced by bereaved families in accessing their funds, acknowledging that dealing with bereavement can be challenging. An NS&I spokesperson 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.”
In 2025 alone, NS&I received 211,800 new bereavement claims and repaid £4 billion in bereavement claims. However, the ongoing issues have raised concerns about the effectiveness of the leadership at NS&I. Torsten Bell, a key figure in the organization, emphasized the importance of strong leadership, stating, “I want to make sure NS&I has the best leadership in place.”
Despite the turmoil, NS&I has confirmed that it will prioritize reuniting beneficiaries with their money as soon as possible. The organization has assured the public that robust measures have been introduced to prevent similar issues from occurring in the future. A spokesperson for NS&I noted, “The issue has been resolved for current and new bereavement claims and robust measures have been introduced to ensure this does not happen again.”
As the situation unfolds, observers are keen to see how NS&I will restore trust among its customers and manage the fallout from this scandal. The financial implications for the organization are significant, and the leadership transition may play a crucial role in determining its future direction. Details remain unconfirmed regarding the specific measures that will be implemented to address these challenges.
Harkins’ annual salary and pension perks amounted to £300,000, raising questions about accountability within the organization. As NS&I navigates this crisis, the focus will be on ensuring that bereaved families receive the funds they are owed and that the organization can recover from this setback.