Wesleyan, which provides specialist financial advice and services to doctors, dentists, teachers and lawyers, has been audited by PwC since 1988.

Andrew Neden, Wesleyan board member and chairman of its audit committee, said: ‘The service we have received from PwC over the years has been excellent, but, in line with the requirement for 10-year audit firm rotation for all public interest entities, we made a decision to ask other firms to tender for the external audit. EY will succeed PwC once it has completed its audit of the financial statements for the year ending 31 December 2016.’

According to its 2015 annual report, Wesleyan paid PwC £288,000 for the audit of the parent company and consolidated financial statements.

Fees for auditing the society’s subsidiaries and its pension scheme amounted to £258,000, plus £121,000 for audit-related assurance services. In addition, Wesleyan paid £486,000 for taxation compliance and advice and advisory services. 

Andy Blackmore, EY lead audit partner and head of financial services for the central, south west and Wales region, said: ‘I am delighted EY has been appointed external auditor to Wesleyan. Both firms have excellent track records and first class reputations for customer service.’

The appointment of EY as auditors will be ratified at Wesleyan’s 2017 AGM.