Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what discussions he has had the Chief Executive of National Savings and Investments on increasing the £5,000 probate limit in place on their accounts. .

NS&I Regulations require that a Grant of Probate is produced if the amount repayable following the death of a person with NS&I investments is £5,000 or over. NS&I also reserve the right to request a Grant of Representation for a claim of any value.

As a government department, NS&I differs from other organisations in the financial services market. Its operations are funded by the taxpayer and so NS&I has a responsibility to ensure public funds are protected and not put at undue risk. When it comes to payments following the death of a person with NS&I investments, NS&I must take every measure to avoid the risk of paying money out in error and subsequently being liable to pay again to another person.