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Evening Standard
Evening Standard
Business
Anna Wise

Nationwide fined £44 million by watchdog after missing Covid fraud ‘red flags’

Nationwide FCA Covid-19 Monzo Nationwide Building Society Barclays
Nationwide Building Society has been fined £44 million by the UK’s financial watchdog for financial crime failures (Mike Egerton/PA) - (PA Archive)

Nationwide Building Society has been fined £44 million by the UK’s financial watchdog for failures to handle financial crime risks linked to its customers, including cases of Covid fraud.

The building society had inadequate anti-financial crime systems and controls between October 2016 and July 2021, the Financial Conduct Authority (FCA) said.

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