Prudential Regulation Authority

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The Prudential Regulation Authority (PRA) was created as a part of the Bank of England by the Financial Services Act of 2012. It is responsible for the regulation and supervision of around 1,700 banks, building societies, credit unions, insurers and major investment firms. The PRA’s objectives are set out in the Financial Services and Markets Act 2000 (FSMA). The PRA's three statutory objectives are to promote the safety and soundness of the firms it regulates; to contribute to the securing of an appropriate degree of protection for those who are or may become insurance policyholders; and to facilitate effective competition.[1]