The UK regulator responsible for the prudential regulation of systemically important financial institutions, including banks, building societies and insurers. The PRA was set up under Part 1A of the Financial Services and Markets Act 2000 (FSMA) as a subsidiary of the Bank of England (BoE). The Bank of England and Financial Services Act 2016 ended the status of the PRA as a subsidiary of the BoE and established a Prudential Regulation Committee in the BoE to exercise the functions of the PRA, as of 1 March 2017.

Together with the Financial Conduct Authority (FCA), the PRA is a successor regulator to the Financial Services Authority (FSA).

For further information, see Practice note, PRA: role, governance and powers.