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Prudential Regulation Authority
PRA · Banking regulatorActive
Employees
1,527
· budgeted FTE, year-endFY2025/26
Annual budget
£336.4m (~€394.8m)
· annual funding requirementFY2025/26
Supervised entities
1,292
· firms and groups supervisedFY2025/26
Overview
The Prudential Regulation Authority is the UK's prudential supervisor for banks, building societies, credit unions, insurers and major investment firms, operating as a committee-governed body inside the Bank of England and funded entirely by fees on the firms it regulates. In 2025/26 it finalised the UK's implementation of the Basel 3.1 standards and the "Strong and Simple" capital regime for small domestic deposit takers, both taking effect from January 2027. It determined 100% of Senior Managers Regime cases inside its three-month service standard while cutting the median decision time to 36 days, and authorised eight new firms across banking and insurance. Everything below is the PRA's own data, from its 2025/26 Annual Report and associated Bank of England publications.
Regulated sectors
Leadership
- Andrew BaileyGovernor of the Bank of England; Chair of the Prudential Regulation Committee · since 2020
- Katharine Braddick CBDeputy Governor, Prudential Regulation; Chief Executive of the PRA · since 2026
- Rebecca JacksonExecutive Director, Authorisations, RegTech and International Supervision
Figures as published by Prudential Regulation Authority for FY2025/26. Source: PRA Annual Report 2025/26 (Published 25 June 2026; covers 1 March 2025 to 28 February 2026). Data as of 28 February 2026. Supplementary: PRA Business Plan 2026/27.
Organisation (FY2025/26)
| Item | Value |
|---|---|
| Staff | 1,527 Budgeted FTE at year-end. Whole-PRA basis, not supervision-only. The PRA sits inside the Bank of England and draws on shared Bank services |
| Staff change in year | −55 FTE (−4%) Budgeted headcount reduction during 2025/26 |
| Budgeted headcount 2026/27 | 1,385 FTE Forward figure, published in the 2026/27 Business Plan |
| Enforcement resource | 28 FTE Staff in the Bank's Enforcement and Litigation Division working on enforcement of PRA statutory powers; 30 in 2024/25 |
| Annual funding requirement | £336.4m (~€394.8m) AFR — fee-funded budget. Not total funding requirement and not outturn |
| Total funding requirement | £350.2m (~€411.0m) TFR = AFR plus other fees to industry |
Supervised population (FY2025/26)
| Item | Value |
|---|---|
| Firms supervised | 1,292 firms and groups PRA-authorised population — 708 deposit-takers (banks, building societies, credit unions, designated investment firms) + 584 insurers |
| New firms authorised | 8 Seven insurers and one bank; against five insurers and five banks in 2024/25 |
| Cumulative authorisations since 2013 | 67 insurers · 81 banks and credit unions Of the 81, 40 are de novo UK banks |
Licensing and permissions (FY2025/26)
| Item | Value |
|---|---|
| Senior Management Function approvals | 1,250 |
| SM&CR service standard | 100% within 3 months 84% met the proposed two-month standard across the year, rising to 98% in the final quarter |
| Median SM&CR decision time | 36 days Down from 61 days in 2024/25; 28 days in the final quarter |
| Part 4A variations and cancellations | 233 |
| Waivers, modifications and model permissions | 939 Waivers and modifications of PRA rules, plus permissions on models, capital exposures and other issues |
| Change of control approvals | 69 |
| Matching Adjustment applications | 12 reviews · 11 readiness assessments Five reviews went through the streamlined channel at an average 2.5 months to decision; the remainder averaged just under 4.5 months |
| MAIA applications | 2 received · 2 granted Matching Adjustment Investment Accelerator, launched October 2025 |
Crypto / MiCA
| Item | Value |
|---|---|
| MiCA scope | Not applicable — UK is outside MiCA PRA cryptoasset work in the year was contribution to the Basel Committee review of the prudential treatment of cryptoasset exposures and monitoring of deposit-taker innovation in deposits, e-money and stablecoins |
Notable 2025/26
| Item | Value |
|---|---|
| Basel 3.1 finalised | Finalised the UK's Basel 3.1 package in January 2026 Internal model approach for market risk deferred a further year to January 2028 to allow coordination with other jurisdictions |
| Strong and Simple regime | ~80% of eligible firms already using it during 2025/26 Before the simplified capital rules take effect |
| Life Insurance Stress Test | Published individual firm results for the first time (Nov 2025) |
| Future Banking Data programme | 37 underused or duplicative banking reporting templates deleted |
| IRB model commitment | Review within 6 months · final decisions within 18 months From January 2026; named account managers for first-time applicants |
| Third-country critical-third-party MoU | PRA + BoE + FCA signed with ESAs (Jan 2026) |
Key legislation
Financial Services and Markets Act 2000 (as amended)
Foundational Act — PRA statutory objectives and authorisation regime
Financial Services and Markets Act 2023
Post-Brexit rewrite; secondary competitiveness and growth objective
Bank of England Act 1998 (Part 1A)
PRA established as part of the Bank of England
Basel 3.1 (UK implementation, January 2026)
Capital framework for banks and investment firms; market-risk IMA deferred to Jan 2028
Public registers
Application portals
Recent publications
- PRA Annual Report 2025/26
2026-06-25
- PRA Business Plan 2026/27
2026-04-01
- PRA Authorisations Performance Report (quarterly)
2026-07-01