PRA (Prudential Regulation Authority)

The Prudential Regulation Authority (PRA) is a UK financial regulator that ensures banks, insurance companies, and investment firms operate safely and soundly. Its main mission is to promote the stability of the financial system by setting standards for capital, risk management, and governance. The PRA monitors financial institutions to prevent crises and protect consumers’ money. It is part of the Bank of England and works alongside the Financial Conduct Authority (FCA), which focuses on consumer protection and competition. Together, they help maintain trust in the financial markets.