NEST writes off £1m in fraud losses

The scam, described as a mandate fraud, involved the diversion of a supplier payment from the scheme's trustee body, NEST Corporation. In its annual report and accounts for 2013/14 the organisation, which now has £160m in assets under management, revealed it had clawed back £300,000. But it said: "We judge there to be no realistic prospect of further monies being received." NEST commissioned Deloitte to conduct a review after the incident, resulting in a series of proposals to improve internal controls. These included upgrading essential systems and increasing resources for key ...