From: info@propertycorruption.com
Subject: URGENT Propertycorruption.com Ernst & Young Previous Sign Off of Natwest Group
Date: Feb 12 2026, at 5:44 am
To: richard.moriarty@frc.org.uk, hemione.hudson@pwc.com, pstephenson@deloitte.co.uk, catherine.burnet@kpmg.co.uk, mark.shaw@bdo.co.uk
Cc: hywel.ball@uk.ey.com, kimberley.lewis@schroders.com, john.wood@tlt.com, rahul.gumber@axa-uk.co.uk, sean.pilcher@natwest.com, darryl.gibson@experian.com, taalib.shaah@barclays.com, tara.foley@axa-uk.co.uk, andrew.coulson@stgilesgroup.co.uk, anicol@winkworth.com, andrew.young@cliffordchance.com, nick.thomassymonds.mp@parliament.uk, gavin.smyth@nationwide.co.uk, stephaniebeane@citation.co.uk, helen.hodgkinson@tlt.com, julien.luke@tlt.com, emily.monastiriotis@simmons-simmons.com, amra.balic@blackrock.com, john.galloway@vanguard.com, london@stgilesgroup.co.uk
Subject: MARKET INTELLIGENCE: Material Audit Risk & Governance Void at NatWest Group (FY2025)
URGENT: New Material Information Regarding NatWest Group FY2025 Audit – “Subsequent Events” Notification
Why This Is Being Escalated to You. This notification is being circulated to regulatory bodies and competitor audit firms to ensure that the current opacity surrounding this governance failure cannot be maintained through silence. We remove the option for plausible deniability. If the current auditor proceeds to sign off on the 2025 accounts without investigating this material subsequent event, they do so with the full knowledge that the deficiency is already visible to their regulators and their peers. Transparency is the only mechanism left to ensure the integrity of the reporting process.
The Blind Spot in the 2025 Audit It is highly probable that the current engagement team at Ernst & Young (EY) has reached its preliminary conclusions on the NatWest Group 2025 accounts without access to the full facts the recent, sudden departure of the Group Chief Risk Officer, Keiran Foad and other facts.
The Risk of Uninformed Sign-Off If the auditor signs the Independent Auditor’s Report today without assessing this new evidence, they are inadvertently certifying accounts that may contain a material omission. This is not an accusation of misconduct; it is a notification of a blind spot.
The Corrective Action Under ISA 560 (Subsequent Events), the auditor has a duty to consider facts that become known after the date of the auditor’s report but before the financial statements are issued. We are formally providing this “new fact” to the market and regulators now to ensure the audit file is complete and accurate before publication.
Note Hywel Ball is opening our emails so is aware of the situation.
Please see the email chain below for information and links or at least check:
Our Mission:
This email will be stored here:
and linked at our main case study:
Regards,
Propertycorruption.com
———- Forwarded message ———
From: info@propertycorruption.com
Subject: Fwd: Propertycorruption.com Ernst & Young Previous Sign Off
Date: Feb 11 2026, at 11:55 pm
To: anna.anthony@uk.ey.com, omar.ali@uk.ey.com, christabel.cowling@uk.ey.com
FYI
Regards,
Propertycorruption.com
———- Forwarded message ———
From: info@propertycorruption.com
Subject: Propertycorruption.com Ernst & Young Previous Sign Off
Date: Feb 11 2026, at 11:45 pm
To: hywel.ball@uk.ey.com, eumediarelations@uk.ey.com, sarah.graham@uk.ey.com, global.public.relations@ey.com
Dear E&Y,
Please see article in email below. Also:
We are writing to formally notify Ernst & Young LLP of a material governance failure and unquantified risk concerning NatWest Group plc, specifically arising during the ‘Subsequent Events’ period following the 2025 year-end. The sudden and immediate departure of the Group Chief Risk Officer, Keiran Foad, in January 2026 and other events.
Typical Audit & Sign-Off Process
For a UK company like NatWest Group plc:
- Fieldwork and workpapers review occurs after year-end (31 Dec 2025).
- Audit partner signs the audit report after completing audit procedures — typically immediately before the Board meeting that approves the audited financial statements.
- Board meeting to approve and sign the accounts then happens shortly before announcement — historically about a week before release.
- For 2024, the Board approved the accounts on 13 Feb 2025, with publication on 13-14 Feb 2025.
Would you reconsider your sign off of audit report based on the below if you felt there was serious undisclosed risk? This is urgent as the board will sign off.
This email will be stored here.
and added to our main case study links:
Regards,
Propertycorruption.com
———- Forwarded message ———
From: info@propertycorruption.com
Subject: Propertycorruption.com New Front Page, Breaking News – Blackrock/Vanguard/LGIM/Schroders/NBIM
Date: Feb 11 2026, at 6:39 pm
To: media@blackrock.com, media@vanguard.com, pressoffice@schroders.com, media@nbim.no, amra.balic@blackrock.com, john.galloway@vanguard.com, lgim.media@lgim.com, kurt.morriesen@lgim.com, kimberley.lewis@schroders.com, tronde.grande@nbim.no
Cc: katie.murray@natwest.com, rahul.gumber@axa-uk.co.uk, tara.foley@axa-uk.co.uk, andrew.coulson@stgilesgroup.co.uk, anicol@winkworth.com, john.wood@tlt.com, mark.routley@tlt.com, emily.monastiriotis@simmons-simmons.com, andrew.young@cliffordchance.com, taalib.shaah@barclays.com, stephaniebeane@citation.co.uk, sean.pilcher@natwest.com, darryl.gibson@experian.com, nick.thomassymonds.mp@parliament.uk, Winkworth Press Office <pressoffice@winkworth.com>, london@stgilesgroup.co.uk, gavin.smyth@nationwide.co.uk, sales@astonvaughan.co.uk, brighton@greeninsurance.co.uk, helen.hodgkinson@tlt.com
Dear all,
Front Page Updated:
Links to this article:
Excerpt of article text below, click above link for full version.
Regards,
Investors in the Dark
11 Feb 2026
A number of major institutional investors and stewards would reasonably expect to be aware of any emerging governance or disclosure uncertainty affecting NatWest Group. These include BlackRock and Vanguard Group, whose active and passive funds collectively hold exposure to most UK banks; Legal & General Investment Management, a leading UK institutional investor with a strong public focus on stewardship and governance; and Schroders, an active manager with dedicated coverage of UK financials and bank-specific risk.
In addition, Norges Bank Investment Management, one of the world’s largest and most governance-focused sovereign wealth funds, routinely evaluates banks not only on financial performance but on disclosure quality, accountability, and systemic risk. For investors of this type, the existence of a growing, publicly documented case study — irrespective of conclusions — is relevant information, particularly where market confidence, ratings reliance, and trust in disclosure frameworks are central to long-term capital allocation.
You’d even expect Natwest Group to have informed them – but did they? Here is an update for them:
When Risk Management Becomes Risk Removal: NatWest, Ratings Agencies, and a System Under Strain
If the way a major bank manages extreme portfolio risk is by removing the executive responsible for overseeing it, that is not risk resolution — it is risk displacement. Read the latest update here and court case page here.
The exit of Keiran Foad, former Chief Risk Officer of NatWest Group, came one day after the conclusion of our six-month review linked to a serious, unresolved portfolio risk related case study. No public explanation followed. No remediation plan was published. No confirmation was given that the risk had been neutralised.
(see here for rest of article: