The boss of NS&I has left the organisation after a major savings scandal which could lead to customers receiving millions of pounds in compensation.
Former HMRC boss Sir Jim Harra will replace Dax Harkins as the chief executive of NS&I on an interim basis to “provide a fresh start”, pensions minister Torsten Bell announced on Thursday.
He told the Commons: “I also want to make sure NS&I has the very best leadership in place. Effective from today, I have appointed Sir Jim Harra, former HMRC first permanent secretary, to take over as the chief executive of NS&I on an interim basis, to provide a fresh start for NS&I’s next phase of development.
“I recognise his predecessor, Dax Harkins, 22 years’ of public service at NS&I.
“As well as providing leadership to the organisation, Sir Jim will undertake a review over the next three months to spell out in detail the background to this tracing problem and to set out what lessons must be learned for NS&I going forward.
“I have discussed this with Sir Jim and I’m confident that his extensive experience will help guide NS&I in the months ahead, and I will ensure Sir Jim’s review is shared with the chairs of the Treasury and the Public Accounts committees upon completion.”
Mr Bell said the causes of a tracing issue which affected NS&I customers has “been addressed and will not affect customers going forward”.
The pensions minister also told the Commons that “this issue is about tracing, not the security of any funds” held by NS&I, adding that “savings are 100% safe”.
