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Premium bond operator NS&I 'has to work
[Image: 347216cbfd342ed31cf5869530427587]

Premium bond operator NS&I will have to "work hard to get customers back" after poor service in recent months, MPs said.Savings account operators have been accused of worries customers who waited 20 minutes on average to get their calls in October.The boss has apologized for the poor service in a letter to the influential Treasury Committee.But the chairman of the board said NS & I's reputation was damaged.

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Accounts with NS&I, which stands for slotxo National Savings and Investments, are guaranteed by the Ministry of Finance and raise money for the government.In response to the coronavirus crisis, it aims to increase its number. Relatively high rates caused deposits to inflow. It raised nearly £ 24 billion in capital from July to September.When these rates were subsequently dropped, the keeper was removed, resulting in a net loss of £ 9.5 billion in funding for the last three months of the year.At the same time, NS&I announced plans to phase out paper warrants such as checks, which will be mailed to certain premium bond winners.Proposed that rewards should be paid directly to the bank account instead.Calls from those seeking withdrawals and complaints from those concerned about Premium Bonds reward changes are overwhelming - but call centers are facing employee pressure associated with COVID.
The result is a long wait for customers on the phone and a slow response to contact, leading to "Great concern" for customers, according to the Treasury Committee report.Average standby times are 17 minutes in September, 20 minutes in October and 19 minutes in November.In a letter to the Treasury Committee, NS&I Chief Executive Ian Ackerson said: "I am very sorry for clients who suffered from poor service last year and I am committed to returning NS&I. To deliver the high quality service that our customers have been familiar with for years.He added that service levels improved, more staff employed and four additional contact centers were opened.Regarding the Premium Bond transition, he wrote: 
I am sorry we implemented this change at a time when our operations were under stress.However, he defended the plans, which were delayed until spring, saying they were more effective and meant fewer rewards would be claimed.Mel Stride, who is chair of the Treasury Committee, said, “I thank Mr Ackerley for the honest response. But the potential damage to NS & I's reputation over the past few months is of concern.NS&I has played a key role in helping government funds in the cost of the coronavirus recovery program and will have to work hard to get customers back.

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