1 March 2017 – 28 February 2018
This is the annual report by the Prudential Regulation Committee (PRC) to the Chancellor of the Exchequer under paragraph 19 of Schedule 6A to the Bank of England Act 1998 (as amended). It relates to the period 1 March 2017 to 28 February 2018. The Prudential Regulation Authority (PRA) publishes this report as part of its commitment to transparency.
Background
Since 1 March 2017, the PRA has been part of the legal entity of the Bank of England (Bank). The PRC is a statutory committee of the Bank. The PRC is on the same statutory footing as the Bank's Monetary Policy Committee (MPC) and Financial Policy Committee (FPC) and is responsible for the exercise of the Bank's functions as the PRA. The PRA Annual Report summarises the PRC's responsibilities and the statutory framework under which the PRA operates. Under this statutory framework, the PRC is responsible for strategy, policy and rule making, and the adoption (with the approval of Court) of the budget for the PRA. These functions cannot be delegated.
Next steps
As set out in the letter from the PRC to the Chancellor, this report will be published as part of the PRA’s Annual Report in summer 2018.
The adequacy of PRA resources and the independence of PRA functions
Please note: On Monday 9 April we also published PRA Business Plan 2018/19 that sets out the PRA’s strategy and workplan for the coming year.