Nationwide denies fiddling figures

Nationwide has rebutted accusations that it is falsely advertising its products in an attempt to gain customers.

Nationwide reportedly asked sourcing system Trigold to change the Bank of England base rate back to 4.5% on its system despite the recent 0.25% increase.

A source at Trigold says: “Nationwide called and asked us to lower the base rate to 4.5%. Since then we have been trying to contact it to tell it that this must be changed back again as we have received several complaints. We take a client’s lead but it is our duty to display products correctly.”

One broker who does not wish to be named says: “The two-year tracker clearly states Nationwide offers a 0.13% discount off the base rate and that the rate on offer is 4.37%. This shows that Nationwide has the base rate at 4.5%.

“I can’t offer these products to my customers. It’s unbelievable.”

But Nationwide puts the incident down to a misunderstanding.

Spokeswoman Charlotte Sjoberg says: “What we think has happened is that Trigold received information from us for our new rates and implemented these changes as soon as it received them.

“When we contacted Trigold to tell it that our changes do not come into effect until September 1 and therefore must be reversed, it seems it changed the base rate too. We are in the process of rectifying the situation.”