The role of the twin regulators
for the UK financial services sector, the FCA and PRA, from a legal
perspective
On 1 April 2013 a new system for regulating financial services
in the UK came into effect. This saw the death of the Financial Services
Authority (FSA) and the birth of new twin regulators, the Prudential
Regulation Authority (PRA) and the Financial Conduct Authority (FCA).
The PRA is focused on systemic risk to the UK financial markets,
acting as the regulator for all institutions the government considers
should be subject to significant prudential regulation. This includes
banks, building societies, credit unions, insurers and those investment
firms that the PRA believes present significant risks to the stability
of the financial systems.
