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...

PRA Insurance Supervision in the UK: Objectives, Threshold Conditions, Risk and Intervention Frameworks, Firm Categorisation, Assessment and Bank of England PRC Governance

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Practice notes

The PRA's strategy

The PRA and the BoE

Until 1 March 2017, the Prudential Regulation Authority (PRA) functioned as a subsidiary company of the Bank of England (BoE), delivering micro‑prudential oversight and regulation, together with the Financial Policy Committee (FPC), which handled macro‑prudential obligations.

The Bank of England and Financial Services Act 2016 (Commencement No. 4 and Saving Provision) Regulations 2017, dated 20 January 2017, brought into force selected provisions of the Bank of England and Financial Services Act 2016, including sections 12–15, thereby ending the PRA’s subsidiary status. From 1 March 2017, the PRA began operating through the Bank’s Prudential Regulation Committee (PRC).

HM Treasury issued recommendations to the PRC on aspects of the government’s economic policy that the PRC should consider when carrying out its activities and functions. HM Treasury can also instruct and direct the Bank to take steps to fulfil the UK’s obligations under the Capital Requirements Directive IV and the Bank Recovery and Resolution Directive, and to refrain from actions that would be inconsistent with those obligations.

The PRA’s strategy

The PRA is the UK’s prudential regulator for deposit‑takers, (re)insurance companies and major investment firms...

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Web page updated on 21/05/2026

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