Prudential Regulation Authority or PRA meaning

This tracker outlines the consultation papers issued by the Financial Services Authority (FSA) from 2008–2013, listed in reverse date order, and includes links to the relevant FSA webpage and/or PDF versions of the papers. For details of Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) consultation papers, together with subsequent rules and guidance, see: • FCA consultation paper tracker-2021 [Archived] 2013 Publication date Consultation Paper (including FSA webpage if available) Description March 2013 - FSA webpage: CP13/9: Implementation of the Alternative Investment Fund Managers Directive Part 2; CP13/9: Follow-up consultation on draft rules and guidance for implementing the Alternative Investment Fund Managers Directive (AIFMD). March 2013 - FSA webpage: CP13/8: Publishing information about warning notices; CP13/8: Proposals on how the Financial Conduct Authority (FCA) would publish details about the subject-matter of a warning notice where it considers publication appropriate. March 2013 - FSA webpage: CP13/7: Consumer credit regulation-our proposed regime; CP13/7: Invites views on the proposed framework and rules for the new consumer...

Appointment flowchart This Checklist explains the actions the directors or the company must take to appoint an administrator via the out-of-court route under paragraph 22 of Schedule B1 of the Insolvency Act 1986 (IA 1986). Several criteria must be satisfied and specific steps completed. For fuller guidance, refer to these Practice Notes, to be read alongside this Checklist: Out-of-court administrator appointments—who can appoint and in what circumstances? Out-of-court administration appointments by a company or its directors—the procedure For a snapshot, the flowchart below outlines the core steps. It assumes the company is not regulated by the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA), although the Checklist does include the extra actions needed where regulation applies. Appointment checklist Step/action — Time (days) — Section/rule Pre-appointment If the company is to make the appointment, it may either pass a written resolution or convene a general meeting to vote to appoint an administrator by ordinary resolution......

This checklist outlines matters a potential buyer (and its advisers) ought to weigh up when acquiring the share capital or business assets of a firm authorised by the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA) under the Financial Services and Markets Act 2000 (FSMA 2000), or authorised or registered by the FCA under the Payment Services Regulations 2017, SI 2017/752 (PSRs 2017). It is designed to help purchasers compile a due diligence questionnaire and to flag other central elements of the transaction. It is not exhaustive and additional considerations may arise. Due diligence Authorisations and licences Review the Financial Services Register for the target’s FCA or PRA authorisation under FSMA 2000 and the scope of permissions attached to that authorisation, or for FCA authorisation or registration under the PSRs 2017; also confirm the authorisations and permissions of any group entities. Verify that activities undertaken by the target (and any group members) align with the permissions recorded on the Financial Services Register... ...

Aim of this flowchart Under section 19 of the Financial Services and Markets Act 2000, anyone who carries on a regulated activity in the UK in the course of business, without an applicable exclusion or exemption, must hold authorisation from the Prudential Regulation Authority (PRA) and/or the Financial Conduct Authority (FCA). This requirement is referred to as the general prohibition. For further detail on the general prohibition and the scope of regulated activities, consult the Practice Notes: The general prohibition and implications of its breach, and What are regulated activities? This flowchart is intended to assist in deciding whether a person is undertaking the regulated activities of effecting and carrying out contracts of insurance as principal, pursuant to article 10(1) and (2) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (RAO). Any references here to PERG are to the FCA’s Perimeter Guidance Manual, which provides regulatory guidance within the FCA Handbook. It serves as a guide to the FCA Handbook...

ISPVs enable insurers to reduce their exposure to significant events, including natural catastrophes, by passing risk to private investors via catastrophe bonds, or 'cat bonds'. Shoib Khan, the central bank’s Prudential Regulation Authority (PRA) director for insurance supervision, said the PRA will outline later this year how it plans to shorten approval times for submitted cat bond applications to ten working days, down from the current four to six weeks. Speaking at the Bank of America Securities Annual Financials CEO Conference, Khan added that the PRA intends to consult later this year on creating a new, accelerated pathway for catastrophe bond applications...

In this issue: UK, EU and international regulators and bodies Acountability, culture and social governance Authorisation, approval and supervision Prudential requirements Financial crime and sanctions Investigations, enforcement and discipline Dispute resolution for financial services lawyers Banks and mutuals EU MiFID II Consumer credit, mortgage and home finance Regulation of insurance FSMA regulated pensions activity Payment services and systems Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts New and updated content Dates for your diary UK, EU and international regulators and bodies Regulation to prioritise UK growth over risk-aversion in 2025 Law360, London: Financial watchdogs have vowed, firmly in line with new government objectives, to elevate economic growth above risk-aversion in 2025 — a recalibration that might cut across the recent stress on safeguarding consumers. See: Regulation to prioritise UK growth over risk-aversion in 2025. Acountability, culture and social governance UK...

Financial services developments Berne Financial Services Agreement enters into force The Berne Financial Services Agreement (BFSA) between the UK and Switzerland took effect on 1 January 2026. It applies outcomes‑based mutual recognition of domestic rules and regulations to facilitate cross‑border provision of financial services to wholesale and sophisticated clients. These arrangements are aimed at wholesale and sophisticated clients. UK firms can offer certain wholesale insurance services into Switzerland without supervisory authorisation from Swiss supervisory authorities. For investment services, Swiss firms may access the UK to provide certain wholesale investment services without authorisation. The Prudential Regulation Authority (PRA) has released a webpage on the BFSA, alongside details of the associated notification process. Further details are on the PRA page. An insurer authorised in the UK may deliver covered services to Swiss clients without establishing a local presence or obtaining local authorisation. To do this, they must notify the PRA and the Financial Conduct Authority (FCA), who will then notify the...

Scope of this Practice Note This Practice Note addresses matters linked to technology used to help firms comply with their regulatory duties—often referred to as ‘regtech’. It reviews how the Financial Conduct Authority (FCA) and the Bank of England (BoE) (including the Prudential Regulation Authority (PRA)) engage with regtech, highlights industry activity, and records both the proposal and subsequent withdrawal of an FCA ‘Robo Handbook’. It examines these facets of what has come to be known as ‘regtech’: what is regtech? the FCA’s approach FCA TechSprints digital sandbox other regulator-side developments towards a Robo Handbook industry-side developments other initiatives What is regtech? Regtech is a broad label for the use of technology to help firms discharge regulatory requirements more efficiently and effectively than legacy systems allow—and, at times, for the use of technology by regulators to support their own supervisory responsibilities. The expression is used either in contrast to, or as a subset of, fintech....

The general prohibition Under section 19 of the Financial Services and Markets Act 2000 (FSMA 2000), no person may undertake regulated activities in the UK unless they are authorised or fall within an exemption. This is referred to as the general prohibition. For guidance on the territorial reach of this restriction, see Practice Note: Territorial scope of the prohibition. Under FSMA 2000, s 31, an authorised person is one who: has been granted permission by the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA) under FSMA 2000, Pt 4A to carry on specified regulated activities; or is a Gibraltar-based person with a Schedule 2A permission to carry on one or more regulated activities. Please note that this latter provision, inserted by section 22(1), (2) of the Financial Services Act 2021, is not yet in force...

This Practice Note This Practice Note sets out how the Prudential Regulation Authority (PRA) conducts its formal administrative procedures under the Financial Services and Markets Act 2000 (FSMA 2000), with particular emphasis on Part XXVI (Notices), alongside the PRA’s statements of policy and procedure for reaching decisions... Outcomes may involve supervisory steps—such as varying or imposing requirements—or formal enforcement, including a public censure or a financial penalty, directed at PRA‑authorised firms or individuals... It explains the PRA’s decision‑making routes for issuing statutory notices under FSMA 2000, namely: Supervisory Notices Warning Notices Decision Notices Final Notices Notices of Discontinuance The Note also sets out how subjects can make representations, including orally, at a hearing before PRA decision‑making bodies such as the Supervision, Risk and Policy Committee (SRPC) or the Enforcement Decision Making Committee (EDMC)... The Securitisation Regulation 2024 (SI 2024/102) broadened the PRA’s enforcement remit to cover firms engaged in securitisation that are not PRA‑authorised. Under the...