NS&I (NS&I) is a government department and an executive agency of the Chancellor of the Exchequer.

The Chancellor of the Exchequer has formal responsibility for NS&I, but delegates this responsibility to the Economic Secretary to the Treasury (EST), who in turn delegates management of the agency to the NS&I Chief Executive.

The FST is responsible for:

• determining the policy and financial framework within which NS&I operates
• approving the interest rates and the terms and conditions of NS&I products
• appointing the Chief Executive and non-executive members to the NS&I board, subject to confirmation by the Chancellor
• setting and monitoring key performance targets for NS&I

The policy and financial framework for NS&I comprises:

• a framework document
• a Corporate Plan which is updated annually
• an annual Financing Remit published each year in the Debt Management Report

In carrying out these responsibilities the EST may seek advice from Treasury officials and from the non-executive members of the NS&I board who will offer advice in a personal capacity.

The Chief Executive
The Chief Executive of NS&I is Director of Savings and Accounting Officer for the Agency, and is fully accountable and responsible to Treasury Ministers and Parliament for all aspects of the NS&I business. This includes all voted funds which cover the administrative costs of the Agency, NS&I products and customers, the management of the NS&I agency and the management of relationships with strategic partners and other stakeholders. The Chief Executive is directly accountable for providing cost-effective financing for the Exchequer, and as Accounting Officer may be required to appear before the Public Accounts Committee.

NS&I' board assists the Chief Executive in setting corporate policy, ensuring good governance and monitoring performance. The board comprises the non-executive Chairman, three other Non-Executive Directors, two representatives from the Treasury, the Chief Executive, and six Executive Directors.