NS&I boss replaced as savers left waiting for millions of pounds

The boss of government-backed bank National Savings and Investments (NS&I) has been replaced following a scandal over lost funds. Some 37,500 people have been affected, with bereaved families facing delays accessing their relatives' premium bonds with a total value of up to £476m. Pensions Minister Torsten Bell said those affected would receive compensation "where appropriate". He added that NS&I chief executive Dax Harkins had resigned and been replaced by former HMRC boss Sir Jim Harra. Bell told MPs that NS&I had notified the Treasury in December of "operational failures" in tracing funds. NS&I said the issue causing the errors had been resolved and it apologised for the mistakes. Originally set up in 1861 as the Post Office Savings Bank, NS&I serves more than 24 million people with a range of savings and investment offers. Customers include more than 22 million premium bonds holders, who stand to win money from a monthly prize draw. The attraction of its products is their security, with the safety of savings guaranteed by the government. But some bereaved families have spent years trying to access their late loved ones' money, telling the BBC of multiple forms, numerous phone c