Ineffective systems culminated in serious case of Covid fraud that cost UK taxpayers £800,000

Nationwide has been fined £44m by the City watchdog over “weak” financial crime controls that culminated in a serious case of Covid fraud that cost UK taxpayers £800,000.

The Financial Conduct Authority (FCA) fined the building society for failures stretching over nearly five years. It said the lender had been aware that some customers were using personal accounts for business activity, in a breach of its own terms.