Delays to NS&I payments after technical glitch - MSE News 2 November 2018 at 6:05PM in Savings & investments 6 replies 836 views

Former_MSE_Naomi

Thousands of NS&I customers are facing delays after trying to withdraw money from their accounts this week...

Read the full story:
'Delays to NS&I payments after technical glitch'

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polymaff

What a shambles NS&I are:

Can't calculate interest correctly

Don't understand the law.

Report the wrong data to HMRC

Even though they admit the reported data is wrong, they refuse to resubmit to HMRC.

- and there are GDPR ramifications to the above.

and now this.

Time that their bosses - HMT - sorted this unfit-for-purpose shambles out.

Twopints

Maybe NS&I should be privatised, like they did with the Trustee Savings Bank. Wonder how that one panned out....

:beer:

badger09

polymaff wrote: »

What a shambles NS&I are:

Can't calculate interest correctly

Don't understand the law.

Report the wrong data to HMRC

Even though they admit the reported data is wrong, they refuse to resubmit to HMRC.

- and there are GDPR ramifications to the above.

and now this.

Time that their bosses - HMT - sorted this unfit-for-purpose shambles out.

In the case of my late sister and myself, NS&I didn't report any data to HMRC, despite both of us having more than one reportable source with them

Thrugelmir

Reliance on technology. Let's hope there's never a power cut. The country will be in a meltdown.

polymaff

polymaff wrote: »

What a shambles NS&I are:

Can't calculate interest correctly

Don't understand the law.

Report the wrong data to HMRC

Even though they admit the reported data is wrong, they refuse to resubmit to HMRC.

- and there are GDPR ramifications to the above.

and now this.

Time that their bosses - HMT - sorted this unfit-for-purpose shambles out.

badger09 wrote: »

In the case of my late sister and myself, NS&I didn't report any data to HMRC, despite both of us having more than one reportable source with them

Thrugelmir wrote: »

Reliance on technology. Let's hope there's never a power cut. The country will be in a meltdown.

Nothing - in the case I have in mind - to do with technology but "Don't understand the law." What was pretty obvious, and what NS&I vehemently denied was that they didn't understand that the relevant date with regards to payment of interest is not when NS&I calculate the interest but the date that the interest is due*. I pushed HMT to force NS&I to admit their error and correct it. As a result NS&I have admitted their error - but they're still sticking to their position that they are not going to notify HMRC of the correct figures - or change their procedures.

Unfit for purpose is a pretty mild description of NS&I.

* in this particular case, interest calculated 5th April, due - and paid - 7th April

Wizard_of_Id

No delay for my transfer, got to my bank today as expected.