You are here: Home - Saving & Banking - News -

Nationwide fined almost £1m

Written by:

Nationwide, the UK’s largest building society, has been fined £980,000 by the Financial Services Authority (FSA).

The hefty charge has been slapped on the mutual mortgage and savings provider for lapses in information security procedures, which occurred when a laptop computer containing sensitive information about thousands of customers was stolen from an employee’s home.

The employee reported the theft to the police right away, but the building society was not aware for more than three weeks that the computer contained sensitive customer data.

The FSA found Nationwide guilty of failing to ensure it had adequate safety procedures and controls in place, potentially leaving its customers open to financial crimes.

Nationwide has not revealed exactly what kind of information was on the laptop, but has said it was for marketing purposes only, and did not include pin numbers or passwords.
It claimed no customers have suffered financial loss as a result of the theft.

Chief executive Philip Williamson said: “We have extensive security procedures in place, but in this isolated incident our systems of control were found wanting.
“We have made changes to fill the gap and improve our procedures further.”

Nationwide has written to its 11 million customers to apologise for the incident.


Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Simpler to switch broadband provider

Switching broadband supplier should be cheaper and quicker, following the introduction of new regulations by Ofcom, the communications industry regulator.