NS&I CEO defends position to TSC

In a Treasury select committee hearing on Tuesday 4 March, Mr Garnier accused Jane Platt, the chief executive of NS&I, of having an “immensely opaque approach that customers wont be happy with”in relation to the NS&I’s decision to cut interest rates on its products.

Echoing criticism last year that NS&I was “pandering” to the banking industry, while savers suffered with poor yields, Labour MP Andy Love said: “You are too sensitive to the complaints of banks, and less about your customers.”

Ms Platt defended NS&I’s position by stating it had to adhere to Treasury-set targets, and would have exceeded its maximum target of raising £4bn for this tax year if interest rates on its savings products had not been reduced.

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Despite the reduction, she added: “We believe we are treating customers fairly, while customers get value for money.”