Prudential regulation

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Who are we?

What do we do?

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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:

Glossary

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

7 April 2021 - CP7/21 ‘Credit risk: The identification of the nature, severity, and duration of an economic downturn for the purposes of Internal Ratings Based (IRB) models'
closes 7 July 2021

29 April 2021 - DP1/21 ‘A strong and simple prudential framework for non-systemic banks and building societies’
closes 9 July 2021

21 June 2021 - CP12/21 ‘Financial holding companies: Further implementation’
closes 22 July 2021

3 June 2021 – CP10/21 ‘Implementation of Basel standards: Non-performing loan securitisations’
closes 26 July 2021

25 June 2021 – CP13/21 ‘Occasional Consultation Paper – June 2021’
closes 25 August 2021
- Show all consultations
7 June 2021 – PS13/21 ‘Credit risk: The approach to overseas Internal Ratings Based (IRB) models’

3 June 2021 – PS12/21 ‘Solvency II: Deep, liquid and transparent assessments, and GBP transition to SONIA’

1 June 2021 – PS11/21 ‘Strengthening accountability: Temporary, long-term absences’

28 May 2021 – PS9/21 ‘Ensuring operational continuity in resolution’

28 May 2021 – PS10/21 ‘Resolution assessments: Amendments to reporting and disclosure dates’

28 May 2021 – PS ‘Updates to the Bank of England’s approach to assessing resolvability’
- Show all policy
17 June 2021 - We published the PRA Annual Report 2020/21, covering PRA activities 1 March 2020 – 28 February 2021.

16 June 2021 - We launched the Review of Solvency II: Quantitative Impact Study (QIS) page, setting out information regarding our upcoming QIS which will support the review of Solvency II.

14 June 2021 - PRA statement on firm authorisation under the Temporary Permissions Regime

2 June 2021 - Letter from the PRA and FCA ‘Pre-settlement counterparty credit exposure management and controls for DvP Clients’

25 May 2021 - PRA statement on updating requirements on the identification of ‘material risk takers’

24 May 2021 - We published the PRA Business Plan 2021/22, setting out the PRA’s strategy, workplan, and budget for the coming year.

18 May 2021 - PRA statement on supervisory benchmarking exercise relating to capital internal models
27 April 2021 - PRA statement on the disclosure of exposures subject to measures applied in response to Covid-19

16 February 2021 - Virtual Meetings with the PRA’s Senior Advisors

9 February 2021 - PRA statement on supervisory benchmarking exercise relating to capital internal models

5 February 2021 - PRA statement on Covid-19 regulatory reporting amendments
- Find out more about our response to Covid

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.