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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.

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2 January 2020: HM Treasury has approved the appointment of Helen Pickford (Chief Financial Officer, Zurich UK) as the new Chair of the PRA Practitioner Panel, replacing Martin Gilbert (Chief Executive, Standard Life Aberdeen). Additionally, Victoria Stubbs (Chief Risk Officer, The Cambridge Building Society) has been appointment as the new Deputy Chair of the PRA Practitioner Panel, replacing Ashraf Piranie (Group Finance and Operations Director, West Bromwich Building Society). Both appointments took effect on Saturday 30 November 2019.

23 December 2019: We published ‘PRA announces special requirements regarding whistleblowing systems and controls at the Society of Lloyd’s’.

PRA Regulatory Digest

See all prudential regulation communications published in the last month

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.