NS&I to begin contacting victims of lost funds scandal
NS&I is set to contact victims of a lost funds scandal regarding access to their deceased relatives' money. The scandal affected the estates of approximately 34,000 individuals, with claims totaling £476 million. The bank has committed to rectifying the situation and ensuring that affected families receive their funds in the coming months.
- ▪NS&I will begin contacting affected individuals in the coming weeks.
- ▪The scandal involved errors in identifying NS&I products held by deceased customers.
- ▪The funds will be paid out in the first half of next year and will be exempt from inheritance and income tax.
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NS&I to begin contacting victims of lost funds scandalJust nowShareSaveAdd as preferred on GoogleEmer MoreauBusiness reporterDan Kitwood / Getty ImagesNS&I said affected people should receive their loved ones' money in the coming monthsBereaved people hit by the National Savings and Investments (NS&I) lost funds scandal should be contacted by the bank in the coming weeks about accessing their loved ones' money.Thousands of people were not paid all the money that their deceased relatives had kept with the bank, due to errors in identifying all NS&I products held by the customer before they died.The estates of some 34,000 deceased people were affected, with the bereavement claims totalling £476m.The former boss of the government-backed bank resigned over the scandal in March.NS&I said on…
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