Is the PRA a law enforcement agency? How is the jurisdiction of the PRA applied and/or separated between the FCA and Serious Fraud Office?

Date released:  9 May 2016

Disclosure: 

The Prudential Regulation Authority (‘PRA’) is a UK regulatory body that has enforcement powers and is not a law enforcement agency.  

The Memorandum of Understanding (‘MoU’) between the PRA and the Financial Conduct Authority (‘FCA’) explains the high-level framework which the PRA and FCA use to co-ordinate in some areas and co-operate in others.  Annex 1 (part (iv)) of the MoU explains how the PRA co-ordinates with the FCA regarding enforcement and legal intervention in relation to PRA-regulated firms or groups.  The MoU and Annex are available on our website at:

MOU

The PRA has relationships with a variety of stakeholders in the law enforcement community, both domestically and internationally.  The Serious Fraud Office (‘SFO’) is one of the criminal law enforcement agencies in the UK with which the PRA co-ordinates where matters arise in relation to the PRA's regulated community which may be of interest, either in terms of the PRA's statutory objectives, or the SFO's role as a prosecutor.