Prudential Regulation Authority—authorisation
Prudential Regulation Authority—authorisation

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

  • Prudential Regulation Authority—authorisation
  • The regulatory structure
  • What is PRA authorisation and what does it involve?
  • Applying for permission
  • Duty of the PRA to consult the FCA
  • Requirements
  • Submitting an application for authorisation to the PRA
  • Assessment criteria
  • SM&CR and SIMR
  • The decision process
  • More...

Prudential Regulation Authority—authorisation

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

Firms who wish to carry one or more PRA-regulated activities as set out in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544), must be directly authorised by the PRA. This Practice Note sets out the steps for the PRA authorisation process.

For guidance on PRA regulated activities, please see PRA-regulated activities and the scope of PRA regulation.

The regulatory structure

On 1 April 2013 ('legal cut-over'), the Financial Services Authority (FSA) was abolished. Its powers and functions relating to the authorisation of firms were divided between the PRA, who became responsible for prudential regulation, and the Financial Conduct Authority (FCA), responsible for market conduct regulation.

Those firms already authorised on 1 April 2013 were automatically grandfathered over to the new regulators and did not need to re-apply for authorisation. Their role and responsibilities remain the same. The PRA is responsible for the authorisation and prudential regulation of PRA-authorised

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