In a statement to the London stock exchange, the audit committee said PwC would be the auditor of the group and its subsidiaries for the financial year ending 31 July 2018, subject to the firm’s appointment being approved by shareholders at the 2017 Annual General Meeting to be held in November 2017.

Deloitte will remain the group's auditors for the financial year ending 31 July 2017. The firm, which was paid a total of £1.9m last year, of which £1.2m was for audit services and £700,000 for non-audit service, was not invited to participate in the tender process, Close Brothers said, given the length of its tenure and the revised code.

Close Brothers Group said: ‘The board would like to thank Deloitte for their significant contribution as the group's auditors over the years.’

Deloitte or its predecessor firm has audited the banking group since it was first listed in 1984, but has only acted as the group’s sole auditor since 2008. According to the 2016 annual report, although a full audit tender was not carried out, a detailed proposal was reviewed at that time prior to Deloitte s appointment as sole auditor to the group.