Prudential regulation

The Bank of England prudentially regulates and supervises financial services firms through the Prudential Regulation Authority (PRA).

Prudential regulation rules require financial firms to hold sufficient capital and have adequate risk controls in place. Close supervision of firms ensures that we have a comprehensive overview of their activities so that we can step in if they are not being run in a safe and sound way or, in the case of insurers, if they are not protecting policyholders adequately.

The Prudential Regulation Authority (PRA) at the Bank of England is responsible for this prudential regulation and supervision of around 1,500 banks, building societies, credit unions, insurers and major investment firms.

Find out more about what the PRA does

PRA publications

Consultations papers, policy statements, supervisory statements and statements of policy can be viewed individually by following the links below. Policy statements are published on the same page as the accompanying consultation paper.

Latest prudential regulation news and publications

14 May: We are holding a Chief Actuary Forum for general insurers on Monday 2 July targeted at holders of Senior Insurance Management Function (SIMF) 20 Chief Actuary. Please register by Friday 15 June.

If you have any queries, please contact PRAeventsmanagement@bankofengland.co.uk.

10 May: On March 23 and April 6 2018 we hosted sessions to discuss the findings of our cross-firm review of UK mortgage internal ratings based (IRB) models with established and aspiring IRB firms. The presentation slides used at the event are available below.

UK IRB Mortgages Round Table

Update 25 April: In early June, the Bank of England will consult on a new messaging standard for UK payments: ISO 20022.

The Bank will consult on the contents of the message which will be used by CHAPS, Faster Payments and Bacs, as well as how we transition to the new standard for CHAPS payments. The implementation of ISO 20022 could mean significant changes across the payments industry.  Getting the design and approach to implementation right is critical to its success, so we will seek views from a wide range of organisations. View further information and register for updates

Update 9 April: We published the PRA Business Plan 2018/19 that sets out the PRA’s strategy and workplan for the coming year, with a foreword from Sam Woods, Deputy Governor for Prudential Regulation and PRA CEO. Alongside this we published:

Reminder 28 February 2018: Changes to the SONIA benchmark on 23 April 2018

We remind those responsible for market data at PRA-regulated firms that the date and time of the publication of the SONIA benchmark is changing on Monday 23 April 2018. This was confirmed by the Bank of England in a News Release on 16 October 2017.

This page was last updated 21 May 2018
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