Area | Definition | Cost Liabilities |
Includes interest rate changes, changes in minimum or maximum holdings, changes to eligibility of product holders, changes to rollover or penalty repayments | SBS bears all costs | |
Includes, for example, changes to call centre script that is made available to customers via the telephone | No charge to NS&I | |
Anything which is not a new NS&I product but the change is too significant for it to be considered a product variation. For example changes in the way interest rates are applied to products, introduction of new or enhanced product features such as initial introduction of variable terms for products | Up to £300,000 - unitary charge (SBS liability) Between £300,000-£600,000 - liability shared equally between NS&I and SBS | |
Anything which is not a new NS&I channel but the change is too significant for it to be considered a channel variation. For example enhancing the functionality of an existing channel such as telephony whereby customers can select services by keying in a number to be routed to appropriate operator. | Costs over £600,000 as below for new products and channels | |
A new product to be issued by or on behalf of the Director which is not an NS&I Product or a Fundamentally Different Product*, including for the avoidance of doubt Statement Based Savings Accounts and Fixed Rate Savings Bonds (FRSBs) | Up to £600,000 unitary charge (SBS liability) Between £600,000-£1 million - SBS liability | |
A new method by which a Customer or New Customer (as the case may be) may contact NS&I which is not an NS&I Channel or an FD Channel* and, for the avoidance of doubt, but without limitation, includes the Internet Channel and the IFA Support Channel | Between £1 million and £1.8 million - NS&I and SBS share liability equally | |
A Fundamentally Different Product means any new product, which is not an NS Product, proposed by NS&I where the skills involved or the costs that would be incurred by SBS in developing, implementing or operating the infrastructure necessary to sell and administer the product are fundamentally different from the skills and costs necessary to develop, implement or operate the infrastructure necessary to sell and administer any existing NS&I products. | ||
A Fundamentally Different Channel means any proposed new means which is not an NS&I Channel by which a Customer or New Customer may contact NS&I where the skills involved or the costs incurred by SBS in developing, implementing or operating the infrastructure necessary to enable the use of such means are fundamentally different from the skills involved or the costs that would be incurred by SBS to develop, implement or operate the infrastructure to enable the use of any of the existing means by which a Customer may contact NS&I. | ||