Deloitte has been named as the new external auditor for Lloyds Banking Group, replacing PwC which has held the role since 1995, having previously been auditor to certain of its constituent companies stretching back to 1865, making it the longest-running banking audit relationship
The bank announced that following the conclusion of the formal audit review process led by the group's audit committee, the board has approved the proposed appointment of Deloitte as its auditor with effect from the year ending December 2021.
The appointment will be recommended to shareholders for approval at the 2021 annual general meeting.
PwC will continue to audit Lloyds until the year ending 31 December 2020, subject to reappointment by shareholders at the respective annual general meetings, and on completion of the 2020 audit will stand down.
A formal handover process will be undertaken to ensure a smooth and effective migration between Deloitte and PwC, the bank said.
According to its 2017 annual report and accounts, Lloyds Banking Group paid PwC a total of £24.3m in audit and audit related fees over the year, plus £3.6m in non-audit fees, making a total payment of £27.9m.
Report by Pat Sweet