The following Financial Services guidance note provides comprehensive and up to date legal information covering:
Up until 1 March 2017, the Prudential Regulation Authority (PRA), was a subsidiary company of the Bank of England (BoE). However, from 1 March 2017 the PRA continued its role acting through the Bank's Prudential Regulation Committee (PRC). HM Treasury 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 actions to implement the UK’s obligations under the Capital Requirements Directive IV and the Bank Recovery and Resolution Directive, and to refrain from taking actions that are incompatible with those obligations. An end to PRA's subsidiary status was bought about by the Bank of England and Financial Services Act 2016 (Commencement No. 4 and Saving Provision) Regulations 2017, dated 20 January 2017. The Regulations brought certain provisions of the Bank of England and Financial Services Act 2016, including sections 12-15, into force ending the subsidiary status of the PRA.
The PRA is the UK’s prudential regulator for deposit-takers, insurance (and re-insurance) companies and major investment firms. The Financial Services and Markets Act 2000 (FSMA 2000) (as amended by the Financial Services Act 2012 (FSA 2012)) sets out the objectives and powers of the PRA as regulator in relation to these types of authorised firm.
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