NS&I today announced that its Chief Executive, Ian Ackerley, has decided to step down in March 2023 at the end of his second three-year term running the organisation. Ian joined NS&I in 2017 after a successful career in the private sector.
Under Ian’s leadership, NS&I has grown its savings deposits by 42% – with funds invested by savers increasing from £147 billion in 2017 to £209 billion today. This has been achieved alongside an improvement in NS&I’s efficiency ratio – a measure of how much it costs NS&I to manage each £100 of funds it holds – this stood at 9.4p in 2017 and has now fallen to 6.8p.
Ian has also overseen the ongoing delivery of the Rainbow programme that will see NS&I move from a single Public Private Partnership to a multi-supplier operating model from 2024 – delivering a more resilient, cost-effective and flexible business.
Ian Ackerley said: “It has been a privilege to lead NS&I since 2017. I joined NS&I with a belief that everyone should have the opportunity to save confidently. I’m proud of how we have delivered on this: attracting new savers by making Premium Bonds more accessible with a lower minimum purchase and making it easier to gift them to children; launching our first Junior ISA; and introducing popular new customer service options like web chat.
“While the COVID-19 crisis brought its operational challenges, I’m proud that we delivered £38 billion of additional government funding in the first six months of 2020-21 – more than we had raised in the previous three years put together and approximately equivalent to the cost of the first six months of the Government’s furlough scheme.
“We have also grown NS&I’s broader support of government policy: launching Green Savings Bonds in 2021, Investment Guaranteed Growth Bonds in 2017, delivering the Help to Save scheme, Help to Buy, Childcare Services; and the Mortgage Guarantee scheme. We also launched the Retail Customer Financial Services Forum – a group that brings together government bodies operating in the financial services arena to share good practice and improve services to citizens and taxpayers across the UK.
“Above all, I am proud to have worked with such an outstanding team. Our people are passionate about delivering for our customers. It has been a privilege to work alongside them and share in their success. With NS&I’s Rainbow transformation underway, it is the right time for me to step down and hand over to my successor to take NS&I forward.”
Ed Anderson CBE, NS&I’s Chair, said: “I would like to thank Ian for all he has done for NS&I and our customers since 2017. He has ensured that NS&I delivers its core remit of raising finance for government while also meeting the needs of savers and taxpayers.
“Ian is passionate about building a savings culture in the UK and has ensured that NS&I’s products are accessible to a new generation of savers. He leaves NS&I with our Rainbow programme well underway – this will transform our business to ensure we continue to serve customers and taxpayers for many years to come.”
HM Treasury will shortly begin the process of recruiting a new Chief Executive. Ian will remain in post until March 2023 to oversee the delivery of NS&I’s strategy.
Ian Ackerley biography
Ian Ackerley was appointed as NS&I Chief Executive on 13 March 2017. Immediately before joining NS&I, Ian was at Barclays, which he joined in 2011 as Director of Investments, and where he was responsible for Barclays’ UK retail investment business. Ian has over 20 years’ experience in the UK retail financial services industry. His previous roles include Managing Director of Investments and Pensions at Virgin Money, Managing Director of Sun Life International, and working as a consultant with McKinsey & Company. Ian has a BSc in psychology from the University of St Andrews and holds an MBA from London Business School. He began his career with Royal Dutch Shell.