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Term: PRA Prudential Regulation Authority

13 Apr 2014

In April 2013 the UK’s Financial Services Authority (FSA) was replaced by two new regulatory bodies, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). The PRA is a subsidiary of the Bank of England, and is responsible for promoting the stable and prudent operation of the financial system through regulation of all deposit-taking institutions, insurers and investment banks.

 

PRA in the news

In March 2014 the FT reported that the Bank of England’s regulatory arm, the PRA, had started a consultation on rules that would compel banks to introduce “clawback” provisions that would from next year allow them to retrieve bonuses that have already been paid.

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