DEFINITION
Prudential Regulation Authority

"Prudential Regulation Authority": The UK body responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms. The PRA’s objectives are: 1. To promote the safety and soundness of these firms; and2. Specifically for insurers, to contribute to the securing of an appropriate degree of protection for policyholders. The PRA's responsibilities in the UK were formerly undertaken by the Financial Services Authority (FSA). The former FSA's other responsibilities were substantially transferred to the Financial Conduct Authority (FCA).
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