What caused the NS&I missing savings errors and what to do if you’re affected

The state-owned savings bank owes nearly £500m to bereaved family members due to a long-running administrative problem

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

National Savings & Investment (NS&I) owes nearly £500m in missing payments to bereaved families after it emerged a long-running administrative problem had stopped them gaining access to their money. On Thursday, its chief executive, Dax Harkins, was forced out amid the scandal.

Here’s what has gone wrong at the state-owned savings bank.