We are the Prudential Regulation Authority
As part of the Bank of England, we are responsible for the prudential regulation and supervision of around 1,330 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:
Maintain and build on the safety and soundness of the banking and insurance sectors and ensure continuing resilience
Be at the forefront of identifying new and emerging risks, and developing international policy
Support competitive and dynamic markets, alongside facilitating international competitiveness and growth, in the sectors that we regulate
Run an inclusive, efficient, and modern regulator within the central bank
Latest news and publications
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18 October 2024 – CP14/24 – Large Exposures Framework
Closes 17 January 202515 November 2024 – CP15/24 – Proposed changes to the UK Insurance Special Purpose Vehicles (UK ISPV) regulatory framework
Closes 14 February 202526 November 2024 – CP16/24 – Remuneration reform
Closes 13 March 202513 December 2024 – CP17/24 – Operational resilience: Operational incident and outsourcing and third-party reporting
Closes 13 March 202511 December 2024 - CP19/24 – Closing liquidity reporting gaps and streamlining Standard Formula reporting
Closes 31 March 2025 -
18 December 2024 – PS20/24 – Solvent exit planning for insurers
12 December 2024 – Statement of policy – The Prudential Regulation Authority’s approach to cost benefit analysis
29 November 2024 – PS19/24 – Strong and Simple Framework: The definition of an Interim Capital Regime (ICR) firm
15 November 2024 – PS15/24 – Review of Solvency II: Restatement of assimilated law
12 November 2024 – PS16/24 – Operational resilience: Critical third parties to the UK financial sector
1 November 2024 – PS18/24 – Supervisory statement – Prudential assessment of acquisitions and increases in control
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20 December 2024: We published a statement: Restatement of Solvency II assimilated law: correction to standard formula mass lapse life underwriting risk rule in PS15/24.
18 December 2024: PRA CP15/24 – Proposed changes to the UK Insurance Special Purpose Vehicles (UK ISPV) regulatory framework virtual roundtable 22 January 2025
The PRA will be holding an industry roundtable in respect of CP15/24 – Proposed changes to the UK Insurance Special Purpose Vehicles (UK ISPV) regulatory framework. The purpose of the roundtable is for the PRA to gather stakeholder views on key thematic issues relating to CP15/24, and to provide stakeholders (where possible) more clarity on policy proposals to assist with providing any planned responses to the consultation. The PRA is however open to understanding details of any other changes which could improve the functioning of the market. The roundtable will be held on 22 January 2025, 2pm to 4pm and attendees are expected to have read CP15/24 in advance. Please kindly note that this event is not open to media.
This roundtable is most relevant to:
- Experienced cedants in life and non-life ILS structures (144A cat bonds, sidecars, collateralised reinsurance).
- Life and non-life re/insurers with an understanding of SPVs and the ILS market.
- Experienced sponsors of multi-cedant ILS platforms.
- Reinsurance Brokers active in the alternative reinsurance market.
- Specialised ILS Fund Managers active in the private ILS space (e.g. Collateralised Reinsurance, private cat bonds, sidecars).
- Broker Dealers/Investment banks active in the primary 144A cat bond market
- Law firms active in the ILS market.
Please confirm your intention to attend by emailing CP15_24@bankofengland.co.uk with the relevant name(s) and email address(es) by 10 January 2025. We would welcome up to two attendees per organisation. We will provide participants with further details and Microsoft Teams joining instructions ahead of the meeting.
4 December 2024: We published the outcomes of the annual deep, liquid and transparent (DLT) assessment for January 2025 implementation.
2 December 2024: We published a letter from Helen Ainsworth to directors of credit unions setting out key findings from the PRA annual assessment for this peer group and the actions the PRA expects directors to take.
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 20 December 2024