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 maintain 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.

Find out more about what the PRA does

Latest news and publications

Latest Covid-19 updates

26 March 2020: We published a letter from Sam Woods’ to Chief Executive Officers of UK Banks on ‘Covid-19: IFRS 9, capital requirements and loan covenants’. We also published a Joint statement by the FCA, FRC and PRA.

24 March 2020: On 23 March 2020, the UK Government issued guidance regarding which businesses should remain closed as part of further social distancing measures. Please read the ‘Statement by the PRA on bank, building society and credit union branches remaining open following updated Covid-19 guidance’ for more information.

20 March 2020: On 19 March 2020, the UK Government published guidance for schools, colleagues and local authorities on maintaining educational provision. Please read the 'Statement by the PRA on key financial workers who are critical to the Covid-19 response' for more information. 

PRA publications

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

This page was last updated 27 March 2020
Was this page useful?
Add your details...