On 1 April 2013 the Prudential Regulation Authority (PRA) replaced the Financial Services Authority and became responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms in the UK.

The PRA was created by the Financial Services Act 2012 and will be part of the Bank of England. It will have close working relationships with other parts of the Bank, including the Financial Policy Committee and the Special Resolution Unit.

The PRA works alongside the Financial Conduct Authority (FCA) creating a “twin peaks” regulatory structure in the UK.