Prudential Regulation Authority (PRA)

The Prudential Regulation Authority, part of the Bank of England, is the UK’s micro-prudential regulator, drafting regulatory policy for and supervising (as of October 2021) around 1,500 UK banks, building societies, credit unions, insurance companies and large investment firms. The PRA was established in the wake of the global financial crisis of 2007-2008, when the former Financial Services Authority was split into the PRA and the Financial Conduct Authority (the agency established to ensure fair outcomes for consumers).