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.
For more companies and markets data visit the Share Price Centre
Accountancy Age catches up with Saffery Champness as it takes stock of a period of change
Greg Tufnell, brother of former England cricketer and TV personality Phil, is reportedly leading the bid by Richess Group to secure control of retailer
Bernadine Burnell will lead challenger bank's internal audit function
EY's appointment as auditors of Shell has met with opposition from Standard Life Investments