[1][2][3] The authority is responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms.

[9] In promoting safety and soundness, the PRA focuses primarily on the harm that firms can cause to the stability of the UK financial system.

It will have close working relationships with other parts of the Bank, including the Financial Policy Committee and the Special Resolution Unit.

[13] The chief executive of the PRA is also the Bank of England Deputy Governor for Prudential Regulation.

[14] In response to the onset of the COVID-19 pandemic in the United Kingdom in March 2020, the PRA sent a formal request to the seven largest British lenders to suspend dividends and share repurchases until the end of the year.