NS&I boss forced out as bank faces £470m payout over missing savings

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

The chief executive of the state-backed National Savings and Investments bank has been forced out over a scandal that left thousands of bereaved families owed almost £500m.

The savings institution is in discussions with the Treasury to repay about 37,500 people who collectively have £470m in deposits trapped in the bank after long-running operational errors.

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