Prudential Regulation Authority: Difference between revisions
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imported>Doug Williamson m (Added 1 line space before see also) |
imported>Doug Williamson (Added the PRA is a subsidiary of BoE. Source: https://www.fca.org.uk/about/history/the-pra) |
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The UK body responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms. | The UK body responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms. | ||
The PRA’s objectives are: | The PRA’s objectives are: | ||
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The former FSA's other responsibilities were substantially transferred to the Financial Conduct Authority (FCA). | The former FSA's other responsibilities were substantially transferred to the Financial Conduct Authority (FCA). | ||
The PRA is a subsidiary of the Bank of England. | |||
Revision as of 13:00, 21 January 2016
The UK body responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms.
The PRA’s objectives are:
1. To promote the safety and soundness of these firms; and
2. Specifically for insurers, to contribute to the securing of an appropriate degree of protection for policyholders.
The PRA's responsibilities in the UK were formerly undertaken by the Financial Services Authority (FSA).
The former FSA's other responsibilities were substantially transferred to the Financial Conduct Authority (FCA).
The PRA is a subsidiary of the Bank of England.
