Nationwide Fined £44M for Furlough Fraud
Update: 2025-12-12
Description
Nationwide Building Society fined £44 million for failing to detect furlough fraud, totaling £27.3 million. The FCA found inadequate systems to prevent financial crime, with the bank aware of customers using personal accounts for business transactions. Despite recovering most of the funds, £800,000 remains missing. The fine was announced a day after Nationwides CEO was appointed as the Governments Women in Finance champion.
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