Nationwide Fined £44M for Furlough Fraud

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.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.