Nationwide said that the regulations for audit firm rotation require the building society to change its external audit firm no later than 2020. PwC will continue in the role until completion of the audit for the financial year ending 4 April 2019, and EY is appointed as auditor for the year ending 4 April 2020.

In a statement, the building society said: ‘A competitive tender process has been undertaken, actively overseen by the audit committee, resulting in a recommendation approved by the board of the society. The appointment of EY will therefore be recommended to the society's members for approval at the 2019 AGM.’

Commenting on the tender outcome, Kevin Parry, chairman of the audit committee said: ‘The tender process was transparent, comprehensive and thorough. We look forward to working with EY in the future.’

According to the 2017 annual report and accounts, Nationwide paid PwC £4.3m in fees for the year.

Report by Pat Sweet