The Bank of England is owned by the UK government. Parliament has given us powers through legislation, which means that we are accountable to both Parliament and the public.
The Bank is overseen by a board of directors, known as the Court of Directors
, who are appointed by the Queen on the recommendation of the Prime Minister and the Chancellor. Court is responsible for setting and monitoring the Bank's strategy and taking key decisions on spending and appointments. The government chooses one of the non-executive, or external, members to chair Court.
The Prudential Regulation Committee
is responsible for making the most important decisions about the rules that apply to firms and the supervision of individual firms. The Prudential Regulation Committee prepares a strategy each year, in consultation with the Bank’s Court of Directors
. This sets out how the PRA will meet its objectives, which are determined by Parliament.
The following document explains how our resolution function and our supervision functions (including those carried out by the PRA) are separated. This fulfils our operational independence obligations, which are set out in the Bank of England and Financial Services Act 2016.
Statement on structural separation between the resolution and supervision functions of the Bank of England
Bank of England legislation
The Bank was originally established by Royal Charter under the Bank of England Act 1694. Since then a number of laws have been made that affect the Bank: