Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Bank of England definition

What does Bank of England mean? In legal practice, “Bank of England” refers to the United Kingdom’s central bank, central to matters involving sterling, monetary policy, prudential supervision and bank resolution. Its modern statutory framework is found principally in the Bank of England Act 1998, the Financial Services and Markets Act 2000 (as amended), the Financial Services Act 2012 and the Banking Act 2009. Key features: - Monetary policy: sets Bank Rate via the Monetary Policy Committee (operationally independent of HM Treasury). - Prudential regulation: through the Prudential Regulation Authority (a part of the Bank) and the Prudential Regulation Committee. - Financial stability: macro‑prudential powers via the Financial Policy Committee;...

Bank of England: role, powers, governance and oversight—monetary policy, financial stability, FMIs, payment systems, CCPs/CSDs, wholesale cash and critical third parties (UK), with FSMA 2023 reforms

Published by a LexisNexis Financial Services expert

Practice notes

Scope of this Practice Note

This Practice Note provides an introduction to the Bank of England (BoE) and signposts key materials for reference and use. It summarises its principal functions and pertinent committees, and sets out the BoE’s responsibilities in respect of recognised clearing houses, together with arrangements for settlement, payments and cash in these areas. It additionally describes how the Bank’s remit has evolved since its foundation to the present day.

For further information on the UK financial services regulators, see the following resources:

UK regulators—financial services—overview
The regulators—checklist [Archived]

For more information on how the BoE interacts with the other UK financial services regulators, please refer to:

Practice Note: Interaction between the PRA, FCA and FPC

History of the BoE—at the heart of the UK financial system

Established in 1694, the BoE has remained central to the UK’s financial system ever since that time. Founded as a private bank acting as the Government’s banker, it was brought into public ownership by the Bank of England Act 1946, owing to its importance to the UK’s economy. In 1997, aspects of the BoE’s work were made operationally independent to ensure its decisions are insulated from party-political influence...

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Web page updated on 21/05/2026

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