FCA: Final Notice: Nationwide Building Society
FCA has fined the firm £44,078,500 for inadequate anti-financial crime systems and controls in a period between 2016 and 2021 where it had ineffective systems for keeping up-to-date due diligence and risk assessments for all its personal current account customers and for monitoring their transactions. The firm was also aware that some of those customers were using their personal accounts for business activity, in breach of its terms – it did not offer business current accounts at this point, so did not have the right processes in place to manage the financial crime risks from business activity. FCA cites a case concerning a customer using personal current accounts to receive fraudulent Covid furlough payments of over £27m, nearly all of it deposited over a period of eight days. The firm was aware of weaknesses in its systems and controls and undertook work to make improvements, but failed to adequately address those weaknesses in a timely manner, although it subsequently commenced a large-scale financial crime transformation programme.
Last updated · 13 Mar 2026
Regulatory News - Banking & Finance
See allPRA: PS10/26: Amendments to Resolution Assessment threshold and Recovery Plans review frequency
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