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Jurisdiction(s):
United Kingdom
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;...

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Regulatory architecture of UK financial services: roles and interactions of the Bank of England, PRA, FCA, PSR and FPC (diagram)

Practice notes
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The diagram below sets out the regulatory structure that exists in the UK for financial services

Showing the roles of the Bank of England, the Prudential Regulatory Authority, the Financial Conduct Authority, the Payment Systems Regulator and the Financial Policy Committee, and how they interact with each other. Click here to see or print full-size PDF version:...

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Web page updated on 21/05/2026

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