KPMG picks up RSA audit in place of Deloitte

by Kevin Reed

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21 Feb 2013

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NEW AUDITORS are to take on FTSE 100 insurer RSA Insurance, as the group looks to avoid conflict issues.

KPMG will take on the audit work at RSA from this year, with Deloitte stepping down.

In its full year results stock exchange statement, RSA said that Deloitte is set to take on consultancy work for the insurer in Scandinavia, which RSA and the firm "feels would impair the perception of their independence".

Former Deloitte chairman Martin Scicluna joined RSA at the end of 2012.

A KPMG spokesman said the firm was "very pleased" to win the audit.

RSA suffered a rough ride after announcing its results yesterday. The insurer cut its dividend by a third, off the back of low bond yields threatening its ability to invest.

Analysts criticised the decision as over-cautious, and its share price slumped 14% - wiping £700m off its market value.

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