The Prudential Regulation Authority - Financial Conduct Authority

The Prudential Regulation Authority

Published: 24/09/2013
The Prudential Regulation Authority (PRA) is responsible for the prudential supervision and regulation of banks, building societies, credit unions, insurers and investment firms.

Why the PRA?

In 2012 the Financial Services Act sought to reform financial regulation that failed to protect the UK’s economy during the financial crisis. The PRA was created as part of the act.

What does the PRA do?

The PRA’s purpose is to protect and improve the stability of the UK’s financial system through regulation and supervision.

The PRA is a subsidiary of the Bank of England. It works alongside the FCA and has two statutory objectives:

  • to promote the safety and soundness of banks, building societies, credit unions, insurers and investment firms
  • to secure protection for policyholders

How can I find out more?

Andrew Bailey, Chief Executive Officer of the Prudential Regulation Authority, Bank of England, talks about the PRA and its approach to financial supervision. Watch the video.

Read about the PRA’s approach to banking supervision

Read about the PRA’s approach to insurance supervision

Visit the PRA website.



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