Prudential Regulatory Authority (PRA)

The Prudential Regulation Authority (PRA) is a part of the Bank of England responsible for overseeing banks, insurance companies, and building societies in the UK. Its main role is to ensure these financial institutions are safe, sound, and able to withstand economic stresses. By doing so, the PRA helps protect customers’ deposits and maintains the stability of the financial system. It sets rules and supervises firms to ensure they operate prudently, reducing the risk of failures that could harm the economy.