Lord Lemos has been a member of the House of Lords since January 2025. Prior to this, he was appointed to the NS&I Advisory Board as Chair from 1 April 2024 on a three-year term but will be stepping down with immediate effect to take up an appointment in the Whip’s Office within the House of Lords.  

Non-Executive appointments to NS&I’s Board, including the Chair, are regulated by the Office of the Commissioner for Public Appointments. The process to identify an Interim Chair will follow the Governance Code for Public Appointments and HM Treasury will seek to confirm the Interim Chair as soon as possible.

Further information  

NS&I is an arm’s length body of HM Treasury, responsible for raising cost-effective finance for the government through the retail savings market.  

The role of NS&I’s Non-Executive Directors, including the Chair, is set out in the Framework Document agreed between HM Treasury and NS&I. The Chief Executive Officer remains responsible for the day-to-day operations of NS&I and ensuring that NS&I is run on the basis of the standards set out in Managing Public Money, including terms of governance, decision-making and financial management.  

As the Minister responsible for NS&I, the Economic Secretary to the Treasury is responsible for determining the overall policy and performance framework within which NS&I operates. Further information can be found in the Framework Document.