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Attempt to modernise NS&I a ‘disaster’, watchdog concludes
The Guardian
|February 13, 2026
An attempt to modernise the state-owned savings bank NS&I has been “a full-spectrum disaster”, parliament’s spending watchdog has concluded in a damning report.
NS&I, which runs a monthly cash-prize draw for premium bond holders, has been criticised by a committee of MPs for exposing the taxpayer “to unacceptable risk” owing to the spiralling costs of its modernisation programme.
In 2020 the Treasury-backed bank launched a business transformation programme - originally called Project Rainbow - that was designed to reduce its running costs and modernise its operations. This included replacing Atos, a French IT company that had run NS&I’s banking services and IT infrastructure for 27 years, with smaller contracts.
Esta historia es de la edición February 13, 2026 de The Guardian.
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