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Customers of National Savings and Investments (NS&I) are expected to share hundreds of millions of pounds in compensation over claims of mis-managing their money.<\/p>\n
The government-backed bank has been accused of a series of errors dating back years, with some bereaved families saying they did not receive money that was rightfully theirs,\u00a0according to The Daily Telegraph.<\/em><\/p>\n About 37,000 customers are said to be affected by the missed payouts and NS&I has apologised to anyone suffering a bereavement who had not received the customer service they should expect.<\/p>\n A spokesperson for NS&I said: \u201cWe recognise that dealing with bereavement can be challenging and would like to apologise to anyone who has not received the customer service from NS&I that they should expect, particularly at such a sensitive time.\u201d<\/p>\n Pensions Minister Torsten Bell is expected to make a statement in the House of Commons today.<\/p>\n Treasury officials are understood to be working with NS&I to determine the exact amount to be given to customers.<\/p>\n NS&I, which was set up in 1861 as the Post Office Savings Bank, serves more than 24 million people with a range of savings and investment offers. Customers include more than 22 million\u00a0Premium Bonds holders.<\/p>\n There are complaints NS&I withheld Premium Bond prizes from the families of deceased savers, with some reporting the bank delayed payments and lost track of investments.<\/p>\n Others were reportedly forced to turn to lawyers to help recover the money, incurring additional costs.<\/p>\n \t <\/div>\n