Accountancy firms play musical chairs in UK banking circle
New EU rules require British banks to change auditors more frequently
Barclays is changing its auditor of the past 120 years and Lloyds and Royal Bank of Scotland could follow as Britain's bank auditing landscape gets shaken up by new rules.
Banks are being forced to change their auditors more frequently to keep accountants on their toes after lenders were given a clean bill of health just before they were rescued in the 2008 financial crisis.
Britain is making listed companies put out their audit work to tender every 10 years and the European Union is forcing them to change every 20 years. The requirements are expected to come into force this year.
But the complexity of big banks means the handover of roles from one auditor to another can take two years.
Barclays said last week that it would tender for a new auditor next year or in 2016, ready to audit the bank from 2017 or 2018. PricewaterhouseCoopers, which has audited Barclays since 1896, will not be invited to pitch.
Lloyds may change sooner. It said last week that it might invite pitches in the second half of this year to take over its audit from 2016. The bank said it could reappoint PwC or pick a new firm - possibly influenced by final rules by the EU on when it must change.