PRA-regulated activities and the scope of PRA regulation

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • PRA-regulated activities and the scope of PRA regulation
  • PRA-regulated activities
  • PRA designation of investment firms
  • Which firms are prudentially regulated by the PRA?
  • Potential extensions to regulatory boundaries

PRA-regulated activities and the scope of PRA regulation

As a result of the 2008 banking crisis, the government made a number of changes to the UK financial services regulatory structure. As part of the changes, the Prudential Regulation Authority (the PRA) was established. It is a legally distinct subsidiary of the Bank of England (the Bank) and is accountable to the Bank's Court of Directors. Both the chairman and the chief executive of the PRA are Bank executives. For more information on the structure of the PRA, see Practice Note: Prudential Regulation Authority—structure and constitution. The PRA has responsibility for micro to prudential regulation of firms that carry on PRA-regulated activities. The Financial Conduct Authority (FCA) is the prudential regulator for firms that do not carry on PRA-regulated activities, and is the conduct regulator for all firms that are prudentially regulated by either the PRA or FCA. The purpose of this Practice Note is to describe those regulated activities that fall within the scope of PRA regulation.

PRA-regulated activities

The Financial Services and Markets Act 2000 (PRA-regulated Activities) Order 2013, SI 2013/556 (PRA-regulated Activities Order) is the key piece of legislation relating to the scope of PRA regulation. It specifies that the following regulated activities set out in the Financial Services and Markets Act 2000

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