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The PRA's role is defined in terms of two statutory objectives: to promote the safety and soundness of the firms it regulates and, specifically for insurers, to contribute to the securing of an appropriate degree of protection for policyholders (section 12 of the PRA Statement of Policy). In
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promoting safety and soundness, the PRA focuses primarily on the harm that firms can cause to the stability of the UK financial system. A stable financial system is one in which firms continue to provide critical financial services – a precondition for a healthy and successful economy.
227:, the Deputy Governor for Financial Stability, the Deputy Governor for Monetary Policy, the Deputy Governor for Markets & Banking, the chief executive officer of the PRA (and Deputy Governor for Prudential Regulation) and independent non-executive members.
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The PRA approach to supervision will not seek to operate a "zero-failure" regime. Rather, the PRA will seek to ensure that a financial firm which fails does so in a way that avoids significant disruption to the supply of critical financial services.
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A forward-looking approach: The PRA will assess firms not just against current risks, but also against those that could plausibly arise in the future. Where the PRA judges it necessary to intervene, it will generally aim to do so at an early
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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. Although it was initially structured as a
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A judgement-based approach: The PRA will use judgement in determining whether financial firms are safe and sound, whether insurers provide appropriate protection for policyholders and whether firms continue to meet the threshold
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A focused approach: The PRA will focus on those issues and those firms that pose the greatest risk to the stability of the UK financial system and policyholders.
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180:, the PRA's functions have now been taken over by the Bank and are exercised through the Prudential Regulation Committee. The company has since been
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and the
Special Resolution Unit. The PRA's most significant supervisory decisions are taken by the Prudential Regulation Committee – comprising the
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for
Prudential Regulation. The following is a list of chief executives since the PRA's inception:
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in March 2020, the PRA sent a formal request to the seven largest
British lenders to suspend
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392:"News Release – Prudential Regulation Authority: the future approach to banking supervision"
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It will have close working relationships with other parts of the Bank, including the
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The PRA's approach to regulation and supervision has three characteristics:
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on 1 April 2013. As the Bank of
England is operationally independent of the
730:"Bank of England relaxes coronavirus curbs on bank dividends and bonuses"
417:"The Prudential Regulation Authority: what it does and who is in charge"
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From 1 April 2013, the
Prudential Regulatory Authority, alongside the
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466:"Q&A: Bank given clear responsibility for financial stability"
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493:"Bank of England and Financial Services Act 2016: Section 12"
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361:"U.K. Scraps FSA in Biggest Bank Regulation Overhaul Since 1997"
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Goff, Sharlene; Masters, Brooke; Murphy, Megan (16 June 2010).
98:(Deputy Governor of the Bank of England and Chief executive)
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Morris, Stephen; Crow, David; Giles, Chris (1 April 2020).
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List of financial regulatory authorities by jurisdiction
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Financial regulatory authorities of the United
Kingdom
701:"British lenders suspend dividends after BoE pressure"
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528:find-and-update.company-information.service.gov.uk
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789:Financial services companies established in 2013
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191:and formally began operating alongside the new
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598:"Prudential Regulation Authority – Approach"
554:"Prudential Regulatory Authority selects HQ"
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167:(FSA). The authority is responsible for the
255:The chief executive of the PRA is also the
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16:United Kingdom financial services regulator
799:2013 establishments in the United Kingdom
640:"Prudential Regulation Authority – About"
524:"PRUDENTIAL REGULATION AUTHORITY LIMITED"
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603:. Bank of England. May 2011. p. 17.
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672:"Why the FSA was split into two bodies"
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315:COVID-19 pandemic in the United Kingdom
149:Prudential Regulation Authority Limited
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552:Jenkins, Patrick (11 April 2012).
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659:. Bank of England. 11 March 2015.
615:"Prudential Regulation Committee"
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586:. Bank of England. p. 3.
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670:Haill, Oliver (8 May 2013).
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445:. HM Treasury. 17 June 2010
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325:until the end of the year.
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169:prudential regulation
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60:Headquarters
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367:. Bloomberg
235:conditions.
63:20 Moorgate
44:Predecessor
773:Categories
677:FT Advisor
624:7 November
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509:7 November
341:References
182:liquidated
105:Main organ
81:Key people
565:19 August
477:19 August
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398:19 August
319:dividends
287:Sam Woods
94:Sam Woods
52:Formation
329:See also
281:2013–16
741:23 June
735:Reuters
713:23 June
683:23 June
449:17 June
371:16 June
298:History
271:Period
126:Website
291:2016–
239:stage.
201:per se
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