FinesFSMA
Nationwide Building Society
FRN 10607812 December 2025Fine · £44,078,500
01 · In plain English
What happened.
In December 2025 the Financial Conduct Authority (FCA) fined Nationwide Building Society £44,078,500 for weaknesses in its financial crime controls between October 2016 and July 2021. Nationwide did not keep customer due diligence and risk assessments up to date for its personal current account customers, and its transaction monitoring was ineffective; it also knew some customers were running businesses through personal accounts in breach of its terms but had no proper process to manage the extra risk. In one serious case the society missed chances to spot a customer using personal accounts to receive over £27m in fraudulent Covid furlough payments. Nationwide, which had reported the problems itself and cooperated, agreed to settle and received a 30% discount; the fine would otherwise have been £62,969,297.
Written by FRN Watch from the FCA's notice. The final notice below is the official record.
02 · Enforcement details
What the FCA register says.
On 12 December 2025, the FCA published a final notice imposing a financial penalty of £44,078,500 on Nationwide Building Society for failings relating to its systems and controls for managing the risk of financial crime. Nationwide breached Principle 3 of the FCA's Principles for Businesses and associated SYSC 6 rules.
03 · Press coverage
How it was reported.
- FCA fines Nationwide £44m for failings in financial crime controlsFinancial Conduct Authority · 12 Dec 2025
- Nationwide hit with fine after failing to flag Covid furlough fraudCity AM · 12 Dec 2025
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04 · Firm details
Firm on the FCA register.
- Firm name
- Nationwide Building Society
- Firm reference number
- 106078
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