Background
National Savings and Investments (NS&I) borrows on behalf of government from retail investors. NS&I has around 25 million savers with over £230 billion invested.
NS&I is undertaking a Business Transformation Programme, formerly known as the Rainbow Programme. The aim is to replace its single supplier arrangements for its back-office and customer-facing operations with a multi-supplier model, transforming how NS&I operates. In a March 2024 report, the Public Accounts Committee noted that the project was complex and already significantly delayed.
Scope
The study will look at NS&I’s progress with its business transformation programme and how it has managed the programme to date. The report will aim to:
- set out the key facts around the evolution of NS&I’s programme and its progress compared to the original plans
- explore whether NS&I set up its programme and commercial approaches to give it the best chance of success, and how NS&I is approaching the recovery plan for the programme
- consider the lessons that NS&I learned and applied from other digital change programmes to inform its transformation programme
NAO team
Director: Simon Reason
Senior Audit Manger: Simon Banner