Lloyd’s seeks new auditor

Marion Dakers
LLOYD’S of London is looking for an auditor to replace Ernst & Young, becoming the latest City firm to consider switching since a Competition Commission probe into the industry criticised a lack of regular rotation. Lloyd’s, which paid more than £1m to Ernst & Young for audit and other services last year, said in its annual report that it was putting its audit contract out to tender as a matter of good governance. It said it was satisfied with the audits E&Y performed, having reappointed the firm to the role in 2001.