PRA (Prudential Regulation Authority)

The Prudential Regulation Authority (PRA) is the United Kingdom's prudential regulator, operating as a part of the Bank of England, responsible for the safety and soundness of banks, building societies, credit unions, insurers, and major investment firms, ensuring they hold sufficient capital and maintain robust risk management practices to protect the stability of the UK financial system. Its primary objective is the prudential supervision of approximately 1,500 financial institutions, with a secondary objective to facilitate effective competition in the markets for services provided by PRA-authorised firms.