NS&I is one of the largest savings organisations in the UK with 25 million customers and more than £207 billion invested.
NS&I is both a government department and an Executive Agency of the Chancellor of the Exchequer. Our origins can be traced back 160 years to 1861.
When customers invest in NS&I products, they are lending to the Government, which goes towards the public purse. In return, the Government pays interest, or prizes for Premium Bonds. We offer 100% security on all deposits.
Introduction from the Chair
Welcome from Ed Anderson CBE, Chairman, NS&I
Thank you for your interest in a Non-executive Director role on the Board of National Savings and Investments (NS&I). NS&I is one of the largest savings organisations in the UK with 25 million customers and more than £202 billion invested.
We are both a government department and an Executive Agency of the Chancellor of the Exchequer and play a key role in the Government’s debt financing strategy. All money invested with NS&I is used by the government to fund public spending.
Over the last five years NS&I has transformed into a direct, digital-first business. We are now looking to appoint a new Non-Executive Director to join the Board and support NS&I on the
The pace of change in the UK financial services sector is rapid. NS&I aims to become a true digital business with full support for vulnerable customers. NS&I also needs to be operationally resilient and able respond in a nimble, proactive way to changes in policy or in the broader savings market.
To support and achieve this aim, we are looking for an exceptional individual with extensive experience in the financial service sector, to bring specific insight to Board discussions, together a blend of audit and risk expertise relevant to our broader business. We are proud of our diverse and inclusive work environment, committed to fairness and the promotion of equality of opportunity for all.
If you have the skills and experience, we are looking for, and are motivated to help the NS&I Board and leadership team to develop and grow our business, then I look forward to hearing from you and wish you every success with your application.
Ed Anderson CBE
Key responsibilities and main tasks of Non-executive Directors at NS&I include:
Helping ensure a sound strategy for NS&I is in place serving the interests of government and meeting agreed performance targets. Non-executive Directors support the development of the strategy by challenging the Executive Team in terms of robustness and contributing ideas, bringing their own expertise and experience to bear as external sources of advice on key strategic issues.
• Management and outsourcing oversight
Playing a key role in the monitoring, continuous evaluation and, where necessary, challenging the performance and competence of NS&I senior executives. This includes challenging behaviour demonstrated by Executive Directors that is not in line with NS&I’s values and accepted corporate ethical standards. They will also contribute as to the development of NS&I’s outsourcing partnership.
• Risk and compliance
Ensuring that effective systems exist for internal control and for the identification and management of risk; and will regularly review major areas of risk, and the adequacy of risk mitigation measures.
Contributing as a member of the Board and its sub-committees. Non-executive Directors also develop the effectiveness of NS&I’s governance structure, as appropriate, giving independent assurance to HM Treasury Ministers that NS&I abides by the highest standards of business conduct.
Our products and services
NS&I raises cost-effective financing for the Government. We do this by offering savers the opportunity to invest in our range of savings products. When customers invest in NS&I products, they are lending to the Government. In return, the Government offers 100% security on all deposits and pays interest or prizes for Premium Bonds.
We were established over 160 years ago and today our savings products are held by millions of customers across the UK. Our range includes Premium Bonds – one of the UK’s most popular and best-loved financial products with over £100 billion invested.
Alongside our core aim of delivering finance to HM Treasury to support public spending, we also have two other functions:
- We leverage our expertise in banking and payment processing to provide these services to our partners across government. This provides other departments and public bodies with high quality, efficient services and provides NS&I with a funding source to support our core retail savings business. Our current government partners include the Ministry of Justice and HM Treasury’s popular Help to Save scheme.
- We also use our knowledge of the savings sector to help government deliver its policy objectives. This includes delivering specific ‘policy products’ within the savings sector. In 2015 we launched 65+ Bonds which were the best-selling savings product launch in post-war history. We followed this in 2017 with Investment Guaranteed Growth Bonds.
The NS&I board consists of Executive and Non-executive Directors and representatives of HM Treasury.
Seven of the board also make up the Executive Committee.
Ed Anderson CBE – Independent Non-executive Director and Chairman
Nina Hingorani-Crain – Independent Non-executive Director
Jill Lucas – Independent Non-executive Director
Sharmila Nebhrajani OBE – Independent Non-executive Director and Chair of the Audit and Risk Committee
Kunal Patel – HM Treasury representative
• Ian Ackerley – Chief Executive
• Ruth Curry – Finance Director
• Dax Harkins – Business-to-Business Director
• Gareth Headon – Acting Director, People and Strategy
• Paul Henry – Risk Director
• Matthew Smith – Chief Operating Officer and Senior Responsible Officer for Rainbow Programme
• Jill Waters – Retail Director
Regulation of appointment
This post is regulated by the Commissioner for Public Appointments. For more information, please refer to the Commissioner’s website
Candidates For This Role Must Have the Following Experience:
• Have been or is a Non-Executive Director, with significant experience of taking a retail customer-centric approach to development and delivery of products and services, gained in financial services.
• Demonstrable experience of working in the UK financial services market and knowledge of UK financial services regulatory regime.
• Be a professionally qualified accountant and have previous audit and risk committee experience.
Demonstrate the Following Key Competencies:
• Independence and impartiality, including an ability to question or challenge the NS&I Executive, using and applying their experience from elsewhere, and to challenge constructively the existing way of doing things.
• Business strategy skills, including an ability to interpret business and management information to determine business performance and development, an ability to simplify and focus on big issues, and an ability to understand and appreciate the impact of transformational change that has already taken place within NS&I and to support the continuing need for change.
• Influencing and communicating skills, including an ability to develop an effective, inclusive, and constructive relationship with the CEO, other executives and NEDs and other key external influencers. Ability to manage a board effectively including meeting management.
- Direct experience of the public sector is desirable but not required.