NS&I, the state-backed bank, has confirmed that it will start contacting thousands of families affected by a missing savings scandal next week. The bank has identified a total of £367m that is owed to bereaved families, who will be contacted to claim their rightful savings.
The scandal, which has been described by the bank's interim chief executive as 'something that should never have happened', has led to the resignation of the bank's previous chief executive in March. The bank has apologised for the issue and is taking steps to rectify the situation.
The process of contacting families and processing claims is expected to take time, with the bank warning that it may take several months to complete. This is likely to be a major concern for many families who are still grieving the loss of a loved one.
In a statement, the bank's interim chief executive acknowledged the severity of the issue and apologised for any distress caused. 'We are deeply sorry for the distress this issue has caused and are committed to making things right,' they said.
The missing savings scandal is a major concern for the UK's savings industry, with many families relying on NS&I to manage their savings. The bank's failure to account for these savings has left many families feeling vulnerable and exposed.
The FTSE 100 index, which tracks the performance of the UK's largest companies, has been unaffected by the news, but the scandal is likely to have a significant impact on the bank's reputation and finances in the long term.