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 four objectives:
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
Facilitate the international competitiveness of the UK economy (in particular the financial services sector) and its growth in the medium to long term
Latest news and publications
-
25 September 2023 – CP18/23 –Diversity and inclusion in PRA-regulated firms
Closes 18 December 202328 September 2023 – CP19/23 – Review of Solvency II: Reform of the Matching Adjustment
Closes 5 January 20244 October 2023 – CP21/23 – The PRA’s approach to the authorisation and supervision of insurance branches
Closes 12 January 20242 November 2023 – DP2/23 – FSCS general insurance limit
Closes 24 January 202427 September 2023 – CP17/23 – Capitalisation of foreign exchange positions for market risk
Closes 31 January 202431 October 2023 – DP3/23 – Securitisation: capital requirements
Closes 31 January 202416 November 2023 – CP24/23 – Funded reinsurance
Closes 16 February 202423 November 2023 – CP25/23 – Supervisory statement – Prudential assessment of acquisitions and increases in control
Closes 23 February 20245 December 2023 – CP23/23 – Identification and management of step-in risk, shadow banking entities and groups of connected clients
Closes 5 March 20247 December 2023 – CP26/23 – Operational resilience: Critical third parties to the UK financial sector
Closes 15 March 20248 December 2023 – CP27/23 – The Prudential Regulation Authority’s approach to policy
Closes 22 March 2024 -
5 December 2023 – PS16/23 – Remuneration: Enhancing proportionality for small firms
5 December 2023 – PS15/23 – The Strong and Simple Framework: Liquidity and Disclosure requirements for Simpler-regime Firms
13 November 2023 – PS14/23 – The non-performing exposures capital deduction
24 October 2023 – PS9/23 – Remuneration: Ratio between fixed and variable components of total remuneration (‘bonus cap’)
24 October 2023 – PS13/23 – Updating UK Technical Standards on the identification of global systemically important institutions (G-SIIs)
-
December 2023: We are initiating the development of policy proposals and implementation of regulatory reforms to the existing supervisory regime for ISPVs. For more details see the latest updates section within Insurance special purpose vehicles.
30 November 2023: We published the seventh edition of the Regulatory Initiatives Grid setting out the regulatory pipeline to give firms a clear view of upcoming regulatory initiatives. The Forum is comprised of the Bank of England (including the Prudential Regulation Authority), Financial Conduct Authority, Competition & Markets Authority, Payment Systems Regulator, Financial Reporting Council, Information Commissioner’s Office, The Pensions Regulator, and HM Treasury (as observer member).
15 November 2023: We published a statement on the recalculation of the Transitional Measure on Technical Provisions (TMTP), relevant to PRA-regulated insurance firms.
15 November 2023: We published a letter on working with Deposit Aggregators, setting out steps that firms should consider taking to mitigate risks relating to Deposit Aggregators (DAs) that your firm may have relationships with – whether now or in the future.
6 November 2023: We published the Bank of England Insurance Taxonomy v2.0.0 Public Working Draft (PWD), setting out the technical implementation of the proposals outlined in CP14/22 and CP12/23.
We invite feedback from firms and software vendors on the PWD technical artefacts to uktaxonomypwdfeedback@bankofengland.co.uk by Friday 1 December 2023. We anticipate feedback will focus on the data modelling and validation rules we have proposed.
6 November 2023: We published a letter from David Bailey, Nathanaël Benjamin and Vicky Saporta on innovations in the use by deposit-takers of deposits, e-money and regulated stablecoins.
26 October 2023: We published FS2/23 – Artificial Intelligence and Machine Learning.
18 October 2023: We published the panel appointments: statement by the PRA and the Bank of England, setting out the PRA’s approach to appointing members to its statutory panels.
6 October 2023: We published a letter to credit unions: PRA annual assessment of the credit union sector – 2023
5 October 2023: We published a letter from Nathanaël Benjamin, and David Bailey sent to CROs of firms covered by the PRA’s review of fixed income financing.
3 October 2023: We published a statement on the dynamic general insurance stress test in 2025. This statement provides an early indication to industry of our intent to run a dynamic general insurance stress test in 2025.
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.
For a more in-depth look at our key regulatory news and publications for month, read our latest 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.
Prudential regulation news and publications
This page was last updated 08 December 2023