What caught my attention this week?
CConsidering the huge hurdles politicians and business leaders have set up to treat something as a dismissive offence, I was surprised to see the boss of National Savings & Investments (NS&I) resign this week.
Of course, ns&i fubar It was a difficult experience for the 37,500 people affected. NS&I’s mistakes caused bereaved families to face delays in accessing their relatives’ premium bonds totaling up to £476 million.
To give just one example from A BBC report: :
Tracey McGuire-Brown from Newbury in Berkshire (…) It took six years to claim £2,000 in premium bonds left in the will by his late father.
The 61-year-old former care home manager says “Can’t describe how disturbing and disappointing this is.” This had to be dealt with by NS&I, and he had to send his father’s will and other original documents at his own expense.
“It was the most horrible, horrible experience,” She says.
No doubt about it – and it’s not something anyone wants to deal with after the death of a loved one.
However, NS&I has more than 24 million customers with £240 billion held by the institution, so the number of those affected is relatively small. according to Who The problems arose because of administrative failures – bad, certainly, but not malicious. The long delay between issues emerging and NS&I being cleared is problematic, but again the scale of the operation mitigates this somewhat.
All that said – and, again, not to make light of the struggle to get your money back – I think the real reason boss Dax Harkins was let go was that NS&I is held to a higher standard than a typical high street bank by virtue of 100% government backing.
Trust Buster
I often recommend its savings or premium bonds to friends and relatives who are looking for somewhere safe to keep their cash – but are essentially financially indifferent. Especially after the financial crisis.
There’s no worry about running up the bank with NS&I, or Financial Services Compensation Scheme limits, or your savings somehow getting entangled in risky borrowing. Just right interest rates, unlimited chances to win big ErnieAnd in the spirit of not firing anyone, a recommendation was made to buy ibm.
Furthermore, confidence in NS&I’s system underpins the premium bond draw.
There are already conspiracies afoot about which Bond wins and who gets what prize. NS&I can operate without inefficiencies in the mix.
Further reading:
- A brief apology from National Savings and Investments – NS&I
- NS&I boss replaced as savers wait for millions of pounds – BBC
- What’s causing NS&I savings to disappear, and what you should do – Guardian
- Another thought on the scam and next steps if you are affected – Who
- Ministers say NS&I will have to pay compensation in certain cases – this is money
Have a great weekend.
from monevator
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There could be temporary petrol shortages at some pumps, Asda warns – Guardian
How do Trump and oil prices go together? (chart) – BBC
Reminder: State pension age increases in April – Who
The UK is the most affordable house to buy since 2015, based on prices-to-earnings… – ons
…as London house prices fall again… – city ​​am
…but rents are at an all-time high relative to incomes – Sky
Names of final candidates for seven new cities – BBC
SpaceX’s proposed IPO valuation is in second class – sherwood
Government defends landlord tax increase as ‘fair’ system – property 118
FCA launches later life mortgage (aka equity release) Study – mortgage strategy
Who ate all China’s stock market returns? (paywall) – foot
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Comments and opinions
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Naughty corner: active activities
The big problem with UK investment trusts – city ​​am
VCT set for record season after ‘bonkers’ tax relief cuts – this is money
Reality of setting up as a solo investment advisor – flyover stocks
Ex-US market prices seem to be a good bet for investors… – blessing
…as Verdad founder Dan Rasmussen warns on private equity and more – arena
In Elon Musk’s mind, SpaceX and Tesla have already merged – sherwood
Tetra Pak: the shape of innovation – quarter
kindle book bargains
end of reality By Jonathan Taplin – £0.99 on Kindle
boomerang By Michael Lewis – £0.99 on Kindle
money man By Dan McCrum – £0.99 on Kindle
economica By Victoria Bateman – £0.99 on Kindle
Or choose one of the great investing classics of all time – Monevator Shop
environmental factors
Britain sets a new record for wind energy production – RE News
Inquiries about green energy rise as households fear price rises – this is money
Plug-in solar panels will become legal in the UK – Who
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Earth’s climate is becoming increasingly unbalanced – World Meteorological Organization
Carbon burden of American companies – Clement on investment
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Inside China’s robotics revolution – Guardian
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not at the dinner table
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Betrayal in the futures market – Paul Krugman
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Democracy watchdog found that Trump is aiming for dictatorship – Guardian
There is an information void at the heart of the Iran war – bloomberg
voter fraud fraud – bulwark
out of our heartbeat
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The clock in our genes – Kalpa
Scientists have identified a speech characteristic that foreshadows cognitive decline – science alert
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Google Search Tips and Hacks – card catalog
And finally…
“Humans have an amazing ability to accept the abnormal and make it normal.”
-Andy Weir, Project Hail Mary
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