The National Savings (Remediation Scheme) (No. 2) Regulations 2026

The National Savings Bank Act 1971 (“the 1971 Act”) and the National Debt Act 1972 (“the 1972 Act”) created the current statutory framework for the operation of the National Savings and Investment Bank and the Director of Savings. The Director of Savings, a statutory officeholder, carries on the business of the National Savings Bank under section 1 of the 1971 Act, principally providing a range of investment accounts which are subject to the 1971 Act and the secondary legislation made under that Act, consolidated in the National Savings Regulations 2015. Under section 11 of the 1972 Act, the Treasury raises money under the National Loans Act 1968 under the auspices of the Director of Savings. The Director raises money by issuing products, subject to the 1972 act and the secondary legislation made under that Act, consolidated in the National Savings (No. 2) Regulations 2015.