Breaking: Nationwide hit with fine after failing to flag Covid furlough fraud

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Nationwide has been slapped with a fine by the City watchdog. Nationwide had been slapped with a £44m fine by the City watchdog for failures in its financial crime controls. The building society giant...

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Nationwide had been slapped with a £44m fine by the City watchdog for failures in its financial crime controls. The building society giant...</p>\n\n<a href=\"https://www.cityam.com/nationwide-hit-with-fine-after-failing-to-flag-covid-furlough-fraud/\">Source Link</a>\n\n</div>\n","source":"cityam_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Breaking: Nationwide hit with fine after failing to flag Covid furlough fraud</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBreaking: Nationwide hit with fine after failing to flag Covid furlough fraud\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-12-12 17:27 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cityam.com/nationwide-hit-with-fine-after-failing-to-flag-covid-furlough-fraud/><strong>cityam</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Nationwide has been slapped with a fine by the City watchdog. Nationwide had been slapped with a £44m fine by the City watchdog for failures in its financial crime controls. The building society giant...</p>\n\n<a href=\"https://www.cityam.com/nationwide-hit-with-fine-after-failing-to-flag-covid-furlough-fraud/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"FCA","symbol_name":"First Trust China AlphaDEX Fund","start_time":0,"source_url":"https://www.cityam.com/nationwide-hit-with-fine-after-failing-to-flag-covid-furlough-fraud/","article_id":"2590629572","we_media_id":null,"thumbnails":["https://www.cityam.com/wp-content/uploads/2024/11/Nationwide_Wimborne_EXT-1-1.webp?w=824&h=463&crop=1"],"rights":{"source":"cityam_highlight","url":"https://www.cityam.com/nationwide-hit-with-fine-after-failing-to-flag-covid-furlough-fraud/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2590629572","pubTimestamp":1765531637,"columns":[],"sourceInfo":{"source_id":"cityam_highlight","name":"cityam"},"weMediaInfo":null,"summary":"Nationwide has been slapped with a fine by the City watchdog. Nationwide had been slapped with a 44m fine by the City watchdog for failures in its financial crime controls.The building society giant has been blasted by the Financial Conduct Authority  for missing opportunities to identify fraudulent Covid furlough payments.The FCA said one customer received 24 payments, totalling north of 27m, over 13 months. Over 26m of this was deposited over eight days. The HMRC has been able to recover 26.5m from the case, but up to 800,000 remains unaccounted for.“Building societies and banks have a key role in the fight against financial crime. Firms must remain vigilant in this fight.”The mutual was also blasted for “ineffective systems” which did not keep “up-to-date due diligence and risk assessments” on personal current accounts. During the period which the activity that led to the fine occurred , Nationwide was not offering business accounts. But the mutual failed to identify a number of cus","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"FCA":"First Trust China AlphaDEX Fund"},"translate_title":"突发新闻：全国范围内因未能标记新冠休假欺诈而被罚款","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"FCA":1},"content_text":"Nationwide has been slapped with a fine by the City watchdog. Nationwide had been slapped with a £44m fine by the City watchdog for failures in its financial crime controls. The building society giant has been blasted by the Financial Conduct Authority (FCA) for missing opportunities to identify fraudulent Covid furlough payments. The FCA said one customer received 24 payments, totalling north of £27m, over 13 months. Over £26m of this was deposited over eight days. The HMRC has been able to recover £26.5m from the case, but up to £800,000 remains unaccounted for. \n\nTherese Chambers, joint executive director of enforcement and market oversight at the FCA, said: “Nationwide failed to get a proper grip of the financial crime risks lurking within its customer base. It took too long to address its flawed systems and weak controls, meaning red flags were missed with serious consequences.\n\n\n\n\n\n\nNews Updates\nStay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n“Building societies and banks have a key role in the fight against financial crime. Firms must remain vigilant in this fight.”The mutual was also blasted for “ineffective systems” which did not keep “up-to-date due diligence and risk assessments” on personal current accounts.  During the period which the activity that led to the fine occurred (from October 2016 to July 2021), Nationwide was not offering business accounts. But the mutual failed to identify a number of customers using their personal accounts for business activity, marking a major breach of terms.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"policyRegulatory","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.35.12","shortVersion":"4.35.12","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2590629572","isCrawlerRequest":true}