Prudential Regulation Authority (PRA)

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    FSA UKWhat is the Prudential Regulation Authority?

    The Prudential Regulation Authority (PRA), which is a subsidiary of the Bank of England, is responsible for promoting the stable and prudent operation of the financial system through regulation of all deposit-taking institutions, insurers and investment banks.

    PRA powers

    The PRA focuses primarily on the stability of the UK financial system and the harm that can come to it from institutions and issues that pose the greatest risk.

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    As of 1 April 2013, the Prudential Regulation Authority, along with the Financial Conduct Authority (FCA), took the place of the Financial Services Authority (FSA), which previously regulated the entire financial industry in the UK.

    The PRA differs from the Financial Conduct Authority in that the FCA is a separate institution that primarily oversees financial penalties, including preventing market abuse and ensuring that consumers get a fair deal from financial firms.

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