NS&I boss replaced as bank faces record payout over missing savings

Pensions minister promises the ‘full truth’ as external advisers are hired to identify the scale of the errors

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The boss of National Savings and Investments has stepped down from his role after it emerged the bank will have to repay hundreds of millions of pounds to its customers over missing savings.

The government-backed savings institution is in discussions with the Treasury to reunite about 37,500 people whose money has been misplaced because of historical failings, after a review identified about £470m in deposits affected.