Legal & General ends PwC audit tenure

FTSE 100 insurance giant, Legal & General Group plc plans to switch auditor from the incumbent PwC to KPMG after over three decades with the Big Four firm in a three-way pitch.

KPMG will take over as external auditor for the financial year ending 31 December 2018. PwC has held the Legal & General audit for 31 years since 1985 and this forced the FTSE 100 company to conduct a complete audit tender in order to meet with new regulatory requirements curbing audit tenures to a maximum of 20 years in post.