UK financial services regulators and supervision—twin peaks structure, roles of BoE, PRA, FCA, FPC and PSR, FSMA 2023 reforms, and key institutional interactions

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'Twin peaks' regulatory structure

The 2007–2008 financial crisis prompted a sweeping overhaul of the UK’s supervisory framework. The new model, effective from 1 April 2013, is widely referred to as ‘twin peaks’ regulation.

Under this arrangement, responsibilities are divided between:

Prudential oversight — undertaken by the Prudential Regulatory Authority (PRA) for insurers, banks, building societies, credit unions and systemically important investment firms.
Conduct supervision — undertaken by the Financial Conduct Authority (FCA), which also carries out prudential regulation of investment firms that are not systemically important.

The framework also encompasses the Bank of England (the Bank) and its Financial Policy Committee (FPC), and the Payment Systems Regulator (PSR), a subsidiary of the FCA that began operating in 2015.

For a visual outline, see Practice Note: Regulatory structure diagram. For more on the UK regulators, see Overview: UK regulators—financial services—overview, and for how they interact with each other and non-UK regulators, see Practice Note: Interaction between the PRA, FCA and FPC...

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Web page updated on 20/05/2026

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