How we are regulated
The powers governing the way in which NS&I products are structured and managed are derived from specific NS&I legislation and all strategic decisions affecting our products require Ministerial consent.
Additionally, we are expected by HM Treasury to comply fully with Financial Conduct Authority (FCA) requirements where applicable and appropriate on a voluntary basis.
We are continuing to progress our programme of work to implement and embed compliance with the relevant regulatory requirements and this is discussed periodically with the FCA. Progress against the programme is tracked with updates provided to the Audit Committee.
Treating Customers Fairly
We also continue to operate within the parameters of the Financial Conduct Authority’s Treating Customers Fairly (TCF) agenda. TCF is well embedded within our organisational culture.
It is monitored and managed through the NS&I Risk Management Framework and reported through the governance committee structure which feeds into the Executive Committee and the board.