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Prudential Regulation Authority

What is the Prudential Regulatory Authority

Prudential Regulatory Authority Logo

The Prudential Regulation Authority (PRA) obtained its powers and responsibilities on 1 April 2013 following the disbanding of the FSA through the Financial Services Act (2012). The PRA is part of the Bank of England and is responsible for prudential regulation of banks, building societies, credit unions, major investment firms and insurers. Along with work with other parts of the Bank of England, the PRA will work closely with the Financial Conduct Authority (FCA) to create a desired “twin peak” regulatory environment within the UK.

The PRA is responsible for ensuring that any failing financial firms can fail without affecting taxpayers and thus destabilising the financial markets. This regulator is responsible for over 1,700 financial firms. The PRA acts entirely independent of the government and is a wholly owned subsidiary of the Bank of England.

The main statutory objectives of the PRA are to:

  • Promote and ensure the safety and soundness of the firms that it regulates, to avoid the potential harm which would be caused should the firms it regulates fail
  • Aid in contributing the correct degree of protection for policyholders; this is more specific to insurers who must secure and appropriate degree of protection for those who become policy holders

Additional Information

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PRA Supervisory Role

Provided by The Bank of England

Membership Benefits & Services

The Benefits and Services of the Professional Financial Claims Association are intended to extend beyond its own membership. The Financial Claims Management sector needs a credible ‘voice’ at a time of change and increased scrutiny within the sector.

PFCA Code of Practice

The members of the Professional Financial Claims Association wish to set professional standards for member firms...

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Visit the Code of Practice page