We are the Prudential Regulation Authority
As part of the Bank of England, we are responsible for the prudential regulation and supervision of around 1,330 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 four objectives:
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
Facilitate the international competitiveness of the UK economy (in particular the financial services sector) and its growth in the medium to long term
Latest news and publications
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12 September 2024 – CP10/24 – Updates to the UK policy framework for capital buffers
Closes 12 December 202412 September 2024 – CP9/24 – Streamlining the Pillar 2A capital framework and the capital communications process
Closes 12 December 202412 September 2024 – CP8/24 – Definition of Capital: restatement of CRR requirements in PRA Rulebook
Closes 12 December 202412 September 2024 – CP7/24 – The Strong and Simple Framework: The simplified capital regime for Small Domestic Deposit Takers (SDDTs)
Closes 12 December 202430 July 2024 – CP11/24 – International firms: Updates to SS5/21 and branch reporting
Closes on 30 October 2024 -
12 September 2024 – Near-final PS9/24 – Implementation of the Basel 3.1 standards near-final part 2
29 July 2024 – PS14/24 – Leverage ratio treatment of omnibus account reserves and minor amendments to the leverage ratio framework
26 July 2024 – PS13/24 – Funded reinsurance
25 July 2024 – PS12/24 – The Prudential Regulation Authority’s approach to rule permissions and waivers
5 July 2024 – PS11/24 – Regulated fees and levies: Rates proposals 2024/25
6 June 2024 – PS10/24 – Review of Solvency II: Reform of the Matching Adjustment
23 May 2024 – PS8/24 – The PRA’s approach to the authorisation and supervision of insurance branches
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10 September 2024: We published a Dear Chief Risk Officers letter on the ‘Thematic findings of Internal Audit Review of the Credit Risk Management Framework – non-systemic UK Deposit Takers (UKDT)’
6 August 2024: The Bank published the findings from its second assessment of the resolvability of the major eight UK banks under the Resolvability Assessment Framework. In parallel, the eight major UK banks also published their own public disclosures on their preparations for resolution.
30 July 2024: We published the PRA Annual Report 2023/24, covering PRA activities from 1 March 2023 to 29 February 2024.
We also published:
- PRA Practitioner Panel: Annual Report 2023-24
- PRA Insurance Practitioner Panel: Annual Report 2023-24
- Enforcement Decision Making Committee Report 2023/24
- The Prescribed Persons (Reports on Disclosures of Information) Regulations 2017 – Annual Report 2023/24
- Competitiveness and growth: embedding the PRA’s new secondary objective
26 July 2024: We published a Dear CEO letter: Supervisory statement (SS) 5/24 – Funded reinsurance: Implementation approach containing feedback on consultation paper (CP) 24/23 and the final updated text of our new policy expectations in SS5/24 – Funded Reinsurance.
15 July 2024: We published a PRA statement on the design of the dynamic general insurance stress test 2025.
10 July 2024: We published Approach to LIST 2025. Alongside publication of the approach document, we opened the request for technical input on proposed scenario specifications, guidelines and instructions, and templates.
30 May 2024: Following the Bank of England Insurance Taxonomy v2.0.0 publication on 29 April we have today published a minor update to the XBRL filing manual and published a known issue log. This log will be updated as required to describe issues the Bank of England is aware of in the taxonomy, including status updates and temporary solutions (where relevant).
15 May 2024: We published a letter on the PRA’s assessment of the recovery planning capabilities of c70 non-systemic UK banks and building societies. This letter sets out the areas for improvement, planned next steps, and effective practice examples.
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.
For a more in-depth look at our key regulatory news and publications for month, read our latest 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.
Prudential regulation news and publications
This page was last updated 11 September 2024