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.
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:
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
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