Open letter urges NS&I regulation and authorisation

Mark Bogard wrote that the "recent revelations" – referring to when NS&I had to pay out hundreds of millions over bereavement claims errors – reinforces the Family Building Society's view that the Treasury-backed organisation should be authorised and regulated in the same way as all other deposit takers. "The scandalous failure of customer service and administration, and the way that management responded, make this abundantly clear," the letter stated. "Had NS&I benefitted from the Financial Conduct Authority's regulation, and the associated internal governance required to meet it, we be...