Challenger bank Virgin Money replaces KPMG with PwC as auditors for 2016

 
Hayley Kirton
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Virgin Money plans to install PwC as its new auditor (Source: Getty)

Virgin Money announced on Friday that it is appointing PwC as auditor, provided shareholders approve of the move at the 2016 annual meeting.

The appointment of PwC will replace the Virgin Money’s current auditors, KPMG, who have audited the bank since 2004.

In Virgin Money’s notification of change of auditors, Norman McLuskie, chairman of Virgin Money’s audit committee, thanked KPMG for their “consistently high standards of professionalism”.

From January this year, new rules have required all FTSE 350 firms to put their audit out for tender at least once every 10 years. Big names to already change auditors include Shell, Vodafone and RBS.

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