PRA

The Prudential Regulation Authority (PRA) is a part of the Bank of England and responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms. It sets standards and supervises financial institutions at the level of the individual firm. The PRA and FCA are two separate entities – although the PRA work closely with the FCA on certain issues/firms. The main difference is that FCA works with firms to ensure fair outcomes for consumers.