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Prudential Regulation Authority (United Kingdom)

Prudential Regulation Authority
AbbreviationPRA
PredecessorFinancial Services Authority
Formation1 April 2013
Headquarters20 Moorgate
London EC2R 6DA
Region served
United Kingdom
Key people
Andrew Bailey
(Governor of the Bank of England)
Sam Woods
(Deputy Governor of the Bank of England and Chief executive)
Main organ
Prudential Regulation Committee
Parent organisation
Bank of England
Websitebankofengland.co.uk/pra
Formerly called
Prudential Regulation Authority Limited

The Prudential Regulation Authority (PRA) is a United Kingdom financial services regulatory body, formed as one of the successors to the Financial Services Authority (FSA).[1][2][3] The authority is responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms. It sets standards and supervises financial institutions at the level of the individual firm.[1][2][3][4][5] Although it was initially structured as a limited company wholly owned by the Bank of England, the PRA's functions have now been taken over by the Bank and are exercised through the Prudential Regulation Committee.[6] The company has since been liquidated.[7]

The PRA was created by the Financial Services Act 2012 and formally began operating alongside the new Financial Conduct Authority on 1 April 2013.[1] As the Bank of England is operationally independent of the Government of the United Kingdom, the PRA is a quasi-governmental regulator, rather than an arm of the government per se.[2] The PRA has its main offices at 20 Moorgate, near the Bank of England's central offices on Threadneedle Street.[8]

  1. ^ a b c Cite error: The named reference vina was invoked but never defined (see the help page).
  2. ^ a b c Cite error: The named reference BoE-Rel was invoked but never defined (see the help page).
  3. ^ a b Cite error: The named reference Tele-What-Who was invoked but never defined (see the help page).
  4. ^ Cite error: The named reference treasury1 was invoked but never defined (see the help page).
  5. ^ Cite error: The named reference FT-QnA was invoked but never defined (see the help page).
  6. ^ "Bank of England and Financial Services Act 2016: Section 12", legislation.gov.uk, The National Archives, 4 May 2016, 2016 c. 14 (s. 12), retrieved 7 November 2020
  7. ^ "PRUDENTIAL REGULATION AUTHORITY LIMITED". find-and-update.company-information.service.gov.uk. Companies House. Retrieved 7 November 2020.
  8. ^ Cite error: The named reference FT-HQ was invoked but never defined (see the help page).

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