NS&I’s Mishandling of Application for Guaranteed Income Bonds under Power of Attorney

NS&I’s Mishandling of Application for Guaranteed Income Bonds under Power of Attorney

In a frustrating ordeal that highlights the challenges of managing financial matters for elderly family members, a reader sought to open National Savings & Investments (NS&I) Guaranteed Income Bonds on behalf of their 97-year-old father.

The situation took a turn for the worse when NS&I took a £240,000 cheque but stalled the application process, leaving the reader in a state of confusion and concern.

Initial Efforts and Conflicting Information

With Enduring Power of Attorney (EPA) over their elderly father, who resides in a care home, the reader intended to invest the proceeds from the sale of their father’s house into NS&I Guaranteed Income Bonds to cover care home fees.

Initial attempts to begin the process faced delays and miscommunication.

While the reader was initially informed that application forms would be sent, subsequent interactions with NS&I revealed discrepancies between the instructions received and the actual forms provided.

The reader was told they could print the forms online, but upon closer inspection, the requirement for a specific type of Power of Attorney became apparent.

Elderly Father’s Limitations and Missing Information

Given their father’s age, vision impairment, and limited ability to write, complying with the stringent requirements of the Power of Attorney document posed a challenge.

As a result, the original EPA document was sent in hopes of resolving the issue swiftly.

Unfortunately, NS&I had not even opened the application letter, causing further frustration.

The situation escalated when NS&I posted the Power of Attorney document back to the reader, claiming it was incomplete due to missing signatures.

NS&I’s Confusion and the Monetary Conundrum

Adding to the complexity, NS&I withdrew £240,000 from the father’s bank account shortly after receiving the application, leaving the reader baffled about the status of the application.

Despite seeking clarification, NS&I’s customer service provided contradictory and unclear information about the application and the Power of Attorney’s rejection.

Resolution and Apology from NS&I

After intervention from This is Money, NS&I admitted their failure to communicate clearly about the specific issues with the Power of Attorney document.

The document was eventually reviewed and accepted, but only with the reader as the attorney.

NS&I acknowledged their lack of transparency and poor communication throughout the process.

As a gesture of apology, NS&I offered a payment of £150 and backdated the investment in Guaranteed Income Bonds to the date of the initial application, ensuring no loss of interest.


This case highlights the challenges that individuals with elderly family members face when navigating financial matters, especially when dealing with complex procedures and organizations.

Clear communication, empathy, and understanding are crucial in such situations to avoid distress and confusion.

Additionally, NS&I’s acknowledgment of their shortcomings and their effort to rectify the situation demonstrate the importance of holding institutions accountable for their service quality.

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