'It took six years to receive my late father's premium bonds'

'It took six years to receive my late father's premium bonds'

By Faarea Masud, Business reporter and James Kelly, Your Voice reporter

Tracy McGuire-Brown describes her experience of waiting six years to claim £2,000 in premium bonds left to her by her late father as "the most awful, awful experience." The 61-year-old former care home manager from Newbury, Berkshire, reached out to BBC Your Voice after the organization reported on considerable delays faced by bereaved families in accessing funds held at National Savings and Investments (NS&I), the government-backed bank.

NS&I issued an apology acknowledging these shortcomings, which reportedly impact approximately 37,500 individuals and involve around £470 million. In response, the government has appointed a new chief executive to oversee improvements and pledged compensation to affected families.

Tracy expressed the profound distress and frustration she experienced while navigating the NS&I process. She noted that the claims procedure demanded extensive and upsetting documentation, necessitating the submission of original copies of her father's will and related papers, all of which she had to send at her own expense. Furthermore, she received notification that she would not be entitled to any prizes accrued during the prolonged six-year period it took to access her father’s investments.

"The final insult was this year when we finally received the monies: a letter stating it should be used to clear any debts my father had and be used towards funeral expenses - though he had died five years earlier," she reflected. Following her complaint, NS&I reimbursed her £150 to compensate for the cost of sending various original documents securely.

'I can't get closure'

Peter Attwell, 71, from Barry, Vale of Glamorgan, has yet to receive premium bond funds from NS&I that belonged to his late brother who passed away in January. He criticized the delays he has faced as "totally unacceptable."

Peter explained that his brother died intestate (without a will), making their 94-year-old mother, who lives with dementia, the next of kin unable to sign necessary documentation. NS&I informed him that they regularly handle such cases and directed him to complete a specific form and to provide a note regarding his mother’s condition. However, after a month without any updates from NS&I, Peter called back only to learn that the firm was still processing correspondence from mid-February. He estimates that it may take until April before his form is reviewed.

"That will take it to three months since first contact. Completely unacceptable. I can't put closure to my brother's death until this last paperwork is done," he expressed.

'Bereavement is tough enough'

Kevin Jones, 68, from Harlow, Essex, has faced challenges with NS&I following the recent death of his wife. He shared his experience with the BBC, stating, "My wife died on 17 February. I contacted NS&I after completing a bereavement form online and got no confirmation."

He noted that unlike other financial institutions he had interacted with, NS&I did not acknowledge receipt of his information. When he inquired about the timeline for resolution and payment as stipulated in his wife’s will, he learned it could take between six and nine months.

In contrast, Kevin reported that four other banks where his late wife held savings handled the matters within weeks. When he raised concerns about the extensive delays, he was informed that NS&I was operating with a "short staffed" team. "It's tough enough when you've lost somebody but to have to deal with this..." he lamented.