National Savings and Investments is anticipated to distribute hundreds of millions of pounds to customers as compensation after allegations of mismanagement of funds emerged.

The organisation has expressed regret to any customers who have experienced a bereavement and did not receive the standard of service they are entitled to expect.

Questions have been raised regarding administrative mistakes made by the Treasury-supported organisation, which provides various savings and investment products to more than 24 million customers, including over 22 million Premium Bond holders.

A spokesperson for the organisation stated that they understand bereavement can be difficult and wished to say sorry to anyone who has not experienced the level of service they should receive, particularly during such a difficult period.

Premium Bonds are explained in detail in our separate guide.

Treasury representatives are reportedly collaborating with the organisation to establish the precise sum to be repaid to customers, as reported by the BBC.

The Daily Telegraph highlighted worries about funds being disbursed and about inaccurate details being provided.

Official data from the Financial Ombudsman Service shows 476 fresh complaints were logged about the organisation in 2024 concerning assorted issues, with 564 fresh complaints logged in 2023.

During the opening six months of the previous year, the ombudsman recorded 151 general complaints about the organisation.

The service has handled grievances connected to the financial matters of deceased individuals, with some concerning delays or distress caused.

Checking Premium Bond winnings is straightforward.

Account holders can verify their status through the NS&I website.

Monthly prize draws take place, with awards as large as £1,000,000 being awarded.

To determine whether you have ever won a Premium Bond prize, you will need your holder details and should visit the prize checking facility.

You will require your holder number, which can be found on your bond documentation or within the application.

Your NS&I number, which appears on any correspondence about your bonds, can also be used.

Premium Bonds represent the largest savings product in Britain, with more than 24 million individuals depositing over £122 billion according to Money Saving Expert.