Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Authority definition

What does Authority mean? In practice, Authority refers to the public sector client that procures and manages a project or service and is the named counterparty in the contract. In public procurement, PFI/PPP, DBFM/DBFOM and outsourcing documents, it is a contractual shorthand for the “contracting authority” defined in legislation (England & Wales and Northern Ireland: Public Contracts Regulations 2015; Scotland: Public Contracts (Scotland) Regulations 2015; Ireland: European Union (Award of Public Authority Contracts) Regulations 2016). Typical Authorities include a local authority, an NHS trust or health board, a central government department or minister, a non‑departmental public body or agency, or another body...

UK Prudential Regulation Authority powers under FSMA 2000: rulemaking, warning notices, FCA veto, investigations and reporting, resolution planning, auditors and actuaries, and investment firm designation

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Practice notes

brexit:

At 11pm (GMT) on 31 December 2020 (‘ip completion day’), the transition/implementation phase that followed the UK’s exit from the EU came formally to a close. From IP completion day onwards, principal transitional measures cease and notable alterations start to apply across the UK’s wider legal framework. This note offers clear guidance on areas affected by these developments. Before you proceed with your research, please consult: Brexit and financial services: materials on the post‑Brexit UK/EU regulatory regime.

The PRA's powers

The Financial Services Act 2012 (FSA 2012) obtained Royal Assent on 19 December 2012. Largely effective from 1 April 2013, it overhauled the UK’s regulatory architecture so that the Bank regained core aspects of its supervisory and oversight functions regarding prudential and capital standards for deposit-takers, larger, systemically important financial services firms, and insurance undertakings. The Bank carried out micro‑prudential supervision and rule‑making through its then subsidiary body, the Prudential Regulation authority (PRA), and also via one of its committees, the Financial Policy Committee (FPC), which was charged with meeting macro‑prudential responsibilities. From 1 March 2017, however, the PRA began to operate through the Bank’s Prudential Regulation Committee (PRC)...

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Web page updated on 22/05/2026

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