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:
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
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12 September 2024 – CP10/24 – Updates to the UK policy framework for capital buffers
Closes 12 December 202412 September 2024 – CP9/24 – Streamlining the Pillar 2A capital framework and the capital communications process
Closes 12 December 202412 September 2024 – CP8/24 – Definition of Capital: restatement of CRR requirements in PRA Rulebook
Closes 12 December 202412 September 2024 – CP7/24 – The Strong and Simple Framework: The simplified capital regime for Small Domestic Deposit Takers (SDDTs)
Closes 12 December 202418 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 2025 -
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
31 October 2024 – PS17/24 – Responses to CP6/24: OCP policy statement
12 September 2024 – Near-final PS9/24 – Implementation of the Basel 3.1 standards near-final part 2
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23 October 2024: We published a statement: Review of Solvency II – PRA statement on proposed permission requirement for the calculation of loss-absorbing capacity of deferred taxes under the standard formula.
7 October 2024:
- We published updated information to assist firms intending to apply for Internal Model Permissions when new rules come into effect on 31 December 2024.
- We also published an update to the Matching Adjustment (MA) Application Process Practitioner Q&A to cover questions raised by firms and other stakeholders in the first three months after the new MA rules came into force on 30 June 2024.
27 September 2024: We published a letter from David Bailey ‘Thematic feedback on accounting for IFRS 9 ECL and climate risk’ to chief financial officers of selected PRA-regulated deposit-takers which provides thematic feedback from the PRA’s review of written auditor reports received in 2024 covering IFRS 9 expected credit loss accounting (ECL) and accounting for climate risks.
25 September 2024: We published a statement on Review of Solvency II – PRA statement on existing Solvency II rule waivers and modifications.
23 September 2024: We published a statement on Review of Solvency II – planned PRA publication of final package of rules.
10 September 2024: We published a Dear Chief Risk Officers letter on the ‘Thematic findings of Internal Audit Review of the Credit Risk Management Framework – non-systemic UK Deposit Takers (UKDT)’
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 15 November 2024