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Prudential Regulation Authority (United Kingdom)
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| Abbreviation | PRA |
|---|---|
| Predecessor | Financial Services Authority |
| Formation | 1 April 2013 |
| Headquarters | 20 Moorgate London EC2R 6DA |
Region served | United Kingdom |
Key people |
|
Main organ | Prudential Regulation Committee |
Parent organisation | Bank of England |
| Website | bankofengland |
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]
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- ^ "PRUDENTIAL REGULATION AUTHORITY LIMITED". find-and-update.company-information.service.gov.uk. Companies House. Retrieved 7 November 2020.
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