Regulator Profile
PRA
Prudential Regulation Authority
Enforcement Regulator3
Areas of regulation
12
Laws enforced
UK-wide
Quick links
Authorisation
Capital Requirements
Prudential Regulation
What PRA does
Part of the Bank of England. Prudentially regulates and supervises around 1,292 banks, building societies, credit unions, insurers, and major investment firms. Sets capital and liquidity requirements, assesses business models and governance. Works alongside FCA which handles conduct regulation.
Additional information
Dual-regulated firms need authorisation from both PRA and FCA. PRA focuses on safety and soundness, FCA on conduct and consumer protection.
Legal framework
Legislation that PRA enforces.
Primary legislation
- Credit Unions Act 1979 Act 1979
- Building Societies Act 1986 Act 1986
- Financial Services and Markets Act 2000 Act 2000
- Banking Act 2009 (as amended) Act 2009
- Financial Services Act 2012 Act 2012
- Financial Services (Banking Reform) Act 2013 (strengthened depositor protection) Act 2013
Secondary legislation
- Capital Requirements Regulations 2013 UK Statutory Instrument 2013
- Bank Recovery and Resolution (No. 2) Order 2014 UK Statutory Instrument 2014
- Bank Recovery and Resolution Order 2014 UK Statutory Instrument 2014
- Bank Recovery and Resolution Order 2016 UK Statutory Instrument 2016
- Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023 UK Statutory Instrument 2023
- Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023 UK Statutory Instrument 2023
Sectors regulated
Banking
Insurance