Prudential Regulation Authority—powers
Produced in partnership with Speechly Bircham

The following Financial Services practice note produced in partnership with Speechly Bircham provides comprehensive and up to date legal information covering:

  • Prudential Regulation Authority—powers
  • The PRA's powers
  • Power to publish warning notices
  • Power to veto
  • Power to investigate and report
  • Powers in relation to failing firms
  • Powers in relation to auditors and actuaries
  • Power to designate investment firms for prudential regulation

Prudential Regulation Authority—powers

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.

The PRA's powers

The Financial Services Act 2012 (FSA 2012) received Royal Assent on 19 December 2012. Predominantly in force from 1 April 2013, it reformed the regulatory system in the UK so that the Bank resumed elements of its regulatory and oversight roles in relation to prudential and capital requirements for deposit-takers, larger, systemically important financial services firms and insurance bodies. The Bank delivered micro prudential supervision and regulation through its then subsidiary organisation, the Prudential Regulation Authority (PRA), and one of its committees, the Financial Policy Committee (FPC), which was tasked with delivering on macro-prudential obligations. However, from 1 March 2017, the PRA commenced acting through the Bank's Prudential Regulation Committee (PRC). HM Treasury have made recommendations to the PRC about aspects of the government’s economic policy to which the PRC will have regard when carrying out its activities. HM Treasury can also direct the Bank to take

Popular documents