Interaction between the PRA, FCA and FPC

Copyright © 2025 LexisNexis
Published by a LexisNexis Financial Services expert
Practice notes

Interaction between the PRA, FCA and FPC

Copyright © 2025 LexisNexis

Published by a LexisNexis Financial Services expert

Practice notes
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This Practice Note explains the interaction and co-ordination between the Financial Conduct Authority (FCA), the Payment Systems Regulator (PSR), the Prudential Regulation Authority (PRA) and the Financial Policy Committee (FPC). It also gives an overview of the interaction between the UK regulators and regulators and regulatory bodies outside the UK, including the memorandum of understanding (MoU) on financial services between the EU and the UK. For guidance on each regulator, see: UK regulators—financial services—overview.

UK regulatory structure

The Financial Services Act 2012 (FSA 2012) amended existing financial services legislation, particularly the Financial Services and Markets Act 2000 (FSMA 2000), by abolishing the Financial Services Authority (FSA) and giving the Bank of England (BoE) responsibility for financial stability, bringing together macro and micro prudential regulation. The regime created by the FSA 2012 established three authorities with the following responsibilities:

  1. •

    the FPC—a macro-prudential authority within the BoE responsible for monitoring and responding to systemic risks (see Practice Note: Financial Policy Committee—essentials for further information)

  2. •

    the PRA—responsible for significant prudential regulation (see Practice Note: Prudential Regulation

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Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
FCA definition
What does FCA mean?

conduct-authority'>financial conduct authority which succeeded the FSA and is responsible for ensuring the relevant markets function well, for the conduct supervision of firms not supervised by the Prudential Regulation authority, protecting consumers and promoting competition

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