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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22 April 2024 – CP5/24 – Review of Solvency II: Restatement of assimilated law
Closes on 22 July 2024 -
5 July 2024 – PS11/24 – Regulated fees and levies: Rates proposals 2024/25
6 June 2024 – PS10/24 – Review of Solvency II: Reform of the Matching Adjustment
23 May 2024 – PS8/24 – The PRA’s approach to the authorisation and supervision of insurance branches
30 April 2024 – PS7/24 – Securitisation: General requirements
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15 July 2024: We published a PRA statement on the design of the dynamic general insurance stress test 2025.
10 July 2024: We published Approach to LIST 2025. Alongside publication of the approach document, we opened the request for technical input on proposed scenario specifications, guidelines and instructions, and templates.
30 May 2024: Following the Bank of England Insurance Taxonomy v2.0.0 publication on 29 April we have today published a minor update to the XBRL filing manual and published a known issue log. This log will be updated as required to describe issues the Bank of England is aware of in the taxonomy, including status updates and temporary solutions (where relevant).
15 May 2024: We published a letter on the PRA’s assessment of the recovery planning capabilities of c70 non-systemic UK banks and building societies. This letter sets out the areas for improvement, planned next steps, and effective practice examples.
29 April 2024: We published the Bank of England Insurance Taxonomy v2.0.0, setting out the technical implementation of the requirements outlined in PS3/24 – Review of Solvency II: Reporting and disclosure phase 2 near-final. An updated XBRL filing manual has been published to help firms and software vendors when preparing to report.
23 April 2024 : We published a letter to chief risk officers on the thematic review of private equity related financing activities.
22 April 2024: We published ‘The Bank and the PRA’s response DSIT/HMT: Update on our approach to AI’. To support the safe adoption of AI/ML, we have been working to explore the adoption and use of these technologies by financial services firms, and their potential implications for our statutory objectives and regulatory framework, which we outline in more detail in this update.
22 April 2024: The PRA published CP5/24 – Review of Solvency II: Restatement of Assimilated Law on 22 April, setting out its proposals to restate into the PRA Rulebook the regulations previously contained in the Solvency II regulations. It should be noted that while Chapter 13 – Insurance Special Purpose Vehicles sets out proposals to restate regulations relating to UK ISPVs from the Solvency II Commission Delegated Regulation (EU) 2015/35 and Commission Implementing Regulation 2015/462 to the PRA Rulebook and other policy materials, this does not reflect the PRA’s continued intention to reform the functioning of the UK ISPV framework. Please see the ISPV section of the website to see more details.
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.