Customers of National Savings and Investments (NS&I) are expected to share hundreds of millions of pounds in compensation over claims of mis-managing their money.
The government-backed bank has been accused of a series of errors dating back years, with some bereaved families saying they did not receive money that was rightfully theirs, according to The Daily Telegraph.
About 37,000 customers are said to be affected by the missed payouts and NS&I has apologised to anyone suffering a bereavement who had not received the customer service they should expect.
A spokesperson for NS&I said: “We recognise that dealing with bereavement can be challenging and would like to apologise to anyone who has not received the customer service from NS&I that they should expect, particularly at such a sensitive time.”
Pensions Minister Torsten Bell is expected to make a statement in the House of Commons today.
Treasury officials are understood to be working with NS&I to determine the exact amount to be given to customers.
NS&I, which was set up in 1861 as the Post Office Savings Bank, serves more than 24 million people with a range of savings and investment offers. Customers include more than 22 million Premium Bonds holders.
There are complaints NS&I withheld Premium Bond prizes from the families of deceased savers, with some reporting the bank delayed payments and lost track of investments.
Others were reportedly forced to turn to lawyers to help recover the money, incurring additional costs.
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