The Government set us up in 2013 to address failings in how financial services were regulated in the lead up to the 2008 financial crisis.
They divided responsibility for financial regulation between the Financial Conduct Authority (FCA) and us. Previously, it belonged to a single body - the Financial Services Authority.
Between 2013 and 2017, we were a legal subsidiary of the Bank of England and had our own board.
In 2017, that structure changed. We became part of the Bank of England and the Bank of England's Prudential Regulation Committee (PRC) replaced our board. The PRC oversee our work.
HM Treasury requires us to publish our strategy, business plan, and annual report. Between 2013 and 2017 these were published – together with the PRA's accounts – in the PRA Annual Report. To reflect the new structure, we set out our:
- Strategy and business plan in the PRA Business Plan (see below)
- Annual report in the PRA Annual Report (see below) and
- Statement of accounts in the Bank’s Annual Report and Accounts
The 2020 PRA Annual Report was published on 18 June 2020.