Prudential regulation

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

In this section

Who are we?

What do we do?

Policy and tools

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We are the Prudential Regulation Authority

As part of the Bank of England, we are responsible for the prudential regulation and supervision of around 1,500 banks, building societies, credit unions, insurers and major investment firms. Find out which firms we regulate.

We create policy for the firms we regulate to follow, enacted through the PRA Rulebook. Our rules require financial firms to maintain sufficient capital and have adequate risk controls in place.

We also supervise firms, to ensure 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.

Our three objectives:

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Promote the safety and soundness of the firms we regulate

Contribute to securing an appropriate degree of protection for insurance policyholders

Facilitate effective competition between firms

Find out more about what we do

6 May 2022 - PS4/22 – Trading activity wind-down

25 March 2022 - PS3/22 ‘Financial Service Compensation Scheme – Management Expenses Levy Limit 2022/23’.

11 March 2022 - PS2/22- Operational Resilience and Operational Continuity in Resolution: Minor Amendments.
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27 June 2022: We published a letter to firms on the ‘Fundamental Review of the Trading Book (FRTB): Timetable for submission of internal model/standard approach pre-applications.’

23 June 2022: We published the PRA Annual Report 2022 which includes information about our activities for the year ended 28 February 2022 and also contains the:
- the Annual Competition Report
- the Ring Fencing Annual Report;
- the Authorisations Performance Report;
- the Prescribed Persons (Reports on Disclosures of Information) Regulations 2017 – Annual Report;
- the Practitioner Panel Annual Report; and
- the Enforcement Decision Making Committee Report
To find out more, please visit the PRA Annual Report 2022 page.

You may also wish to refer to the Bank of England Annual Report and Accounts 2022 - also published today - which contains the Bank’s financial and other disclosures in respect of its activities as the PRA.

23 June 2022: The Financial Conduct Authority (FCA) published a statement on the plan to move to seven-digit FRNs and PRNs for newly registered firms and funds.

13 June 2022: We published a statement on removing the PRA buffer adjustment in PS15/20.

10 June 2022: The Bank published the findings from its first assessment of the resolvability of the major eight UK firms as part of the Resolvability Assessment Framework. In parallel, the major eight UK firms also published their own public disclosures on their preparations for resolution.

27 May 2022: The Climate Financial Risk Forum (CFRF) published the minutes from the first meeting of the CFRF’s third session. The Forum agreed to the Terms of Reference for Session 3 (revised to reflect the new Forum membership and technical working groups).

More PRA publications

Subject to any transitional relief, PRA supervisory statements and PRA statements of policy applicable before 11pm Thursday 31 December 2020 should be read in conjunction with Supervisory Statement (SS) 1/19. This sets out how we expect firms to interpret EU-based references in non-binding PRA regulatory and supervisory materials after the UK’s withdrawal from the EU and the end of the transition period.

Information on other PRA publications can be found using the link below.

Prudential regulation publications

For a more in-depth look at our key regulatory news and publications for month, read our latest Regulatory Digest.

PRA Regulatory Digest

Our latest reports

Our annual report sets out our work on our strategic goals and statutory obligations and our business plan sets out our strategy, workplan and budget.