The PRA will transfer its functions to the Bank of England on 1 March 2017 as required by the Bank of England and Financial Services Act 2016. A new committee of the Bank and the Prudential Regulation Committee will be established with responsibility for exercising the functions of the Bank in its role as the PRA. HM Treasury has not yet made a commencement order bringing the relevant sections of the Act into force, but it is envisaged that this will be 1 March 2017.