Jurisdiction(s):
United Kingdom

Key definition

PRA definition

What does PRA mean? In legal practice, “PRA” refers to the UK Prudential Regulation authority, the prudential supervisor within the Bank of England responsible for the safety and soundness of banks, building societies, credit unions, insurers and certain designated (systemically important) investment firms. The PRA was established by the Financial Services Act 2012 and operates under the Financial Services and Markets Act 2000 (FSMA). Its statutory objectives include promoting the safety and soundness of PRA-authorised firms and, for insurers, securing an appropriate degree of protection for policyholders. The PRA sets prudential requirements (via the PRA Rulebook) on capital, liquidity, governance and risk management,...

UK small bank resolution via FSCS levy-funded recapitalisation and PSP/bridge bank transfers: framework, conditions and practice under the Bank Resolution (Recapitalisation) Act 2025

Published by a LexisNexis Financial Services expert

Practice notes

This PRActice Note outlines the changes to the UK’s bank recovery and resolution framework introduced by the Bank Resolution (Recapitalisation) Act 2025 (the Act). The Act extends to every institution to which the special resolution regime (SRR) under the Banking Act 2009 (BA 2009) applies. Accordingly, it captures banks, building societies and certain investment firms designated by the Prudential Regulation Authority (PRA). For simplicity, this Practice Note groups these entities collectively as ‘banks’.

Background to the Act

Failure of Silicon Valley Bank

Silicon Valley Bank (SVB) was a US lender with a focus on technology. From July 2022, it operated in the UK via a distinct legal entity, Silicon Valley Bank UK Limited (SVBUK). SVBUK was authorised by the PRA and, like any other UK bank, was dual-regulated by the PRA and the Financial Conduct Authority (FCA). As a self-contained subsidiary, SVBUK maintained its own capital and liquidity requirements, independent of those of its parent, SVB. SVBUK’s customer base was concentrated in the UK innovation sector (notably technology, life sciences and healthcare). In March 2023, SVB realised a significant loss on a portfolio of long-dated bonds and announced a fresh capital raise...

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Rufus Sachdev-Wood

Slaughter and May

Rufus is an associate in the financial regulation group at Slaughter and May. He advises established financial institutions and newer entrants on a range of transactional and non-transactional matters, with a particular focus on the prudential regulation of banks. Rufus has published several articles on banking regulation and is the co-author of the UK chapter of In-Depth: Banking Regulation.Before becoming a solicitor, Rufus graduated with a degree in history from the University of Oxford....

Web page updated on 22/05/2026

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