Prudential Regulation Authority

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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 PRA’s primary objectives include:

  • To promote the safety and soundness of these firms; and
  • Specifically for insurers, to contribute to the securing of an appropriate degree of protection for policyholders.

The PRA has a secondary objective of facilitating:

  • Effective competition in the markets served by these firms; and
  • The international competitiveness of the UK economy and the financial services sector in particular.

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 part of the Bank of England.

See also

External link

Bank of England webpage: prudential regulation