The Chancellor has appointed former Barclays Bank director of investments Ian Ackerley as chief executive of NS&I (National Savings and Investments).
Ackerley has 15 years' experience in UK financial services, having spent the past five years at Barclays and previously been managing director of investments and pensions at Virgin Money.
His expertise, according to his Linkedin profile, lies in 'strategy and operational performance improvement with particular focus on distribution in the UK retail financial services market'.
Ackerley follows in the footsteps of Jane Platt, who stood down from the government-backed financial services company in the summer after 10 years in the role.
NS&I has 25 million customers to whom it provides saving products. In 2006, half of the organisation's sales came through the Post Office but, under Platt's, control it became a 100% direct-to-consumer business.
The amount savers invested through NS&I increased from £73bn in 2006 to about £134bn at the end of 2015, saving the taxpayer more than £4bn.
Economic secretary to the Treasury Simon Kirby said:"Ian Ackerley's extensive experience in retail financial services and effective leadership skills make him the ideal candidate to be the next chief executive of NS&I.
"NS&I sits at the heart of our savings sector and Ian will play a key role in shaping the next phase of NS&I's digital transformation so that it continues to deliver for millions of savers across the UK."
Ackerley added: "[NS&I] is a brand I have long admired, particularly for how it has transformed itself into a 100% direct business without losing the trust and loyalty of its customers. I'm proud to be given the opportunity to lead NS&I and look forward to joining the team."
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