February 2020 – Once again the Competition & Markets Authority has had to order the Nationwide Building Society to make refunds to members for breaking the rules. The society had failed to provide sufficient warning alerting members as was required before imposing charges for unarranged overdrafts. The rules (CMA RBMI Order 2017 Part 6) have now been broken no less than 21 times by Nationwide since February 2018.
The CMA has also directed the Nationwide to put in place an independent auditor to review its processes.
Once again there is no mention of these events on their website – “Open, Honest and Transparent”?
Fortunately for the members of this society the CMA is still unable to impose a fine for this offence but they are actively seeking the powers to do so for any future misdeeds. Directors will probably get an increased bonus for their efforts.