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🇬🇧United Kingdom · Non-EU

Prudential Regulation Authority

PRA · Banking regulator
Londonwww.bankofengland.co.uk
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FY2025/26 · as of 28 February 2026Published figures unless marked

Employees1,527budgeted FTE, year-end
Annual budget£336.4m (~€394.8m)annual funding requirement
Supervised entities1,292firms and groups supervised

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

3
BanksInsurance companiesInvestment firms

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.

Leadership

3
Andrew Bailey

Governor of the Bank of England; Chair of the Prudential Regulation Committeesince 2020

Katharine Braddick CB

Deputy Governor, Prudential Regulation; Chief Executive of the PRAsince 2026

Rebecca Jackson

Executive Director, Authorisations, RegTech and International Supervision

Full board

Organisation (FY2025/26)

Staff
1,527Budgeted 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 FTEForward figure, published in the 2026/27 Business Plan
Enforcement resource
28 FTEStaff 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)

Firms supervised
1,292 firms and groupsPRA-authorised population — 708 deposit-takers (banks, building societies, credit unions, designated investment firms) + 584 insurers
New firms authorised
8Seven insurers and one bank; against five insurers and five banks in 2024/25
Cumulative authorisations since 2013
67 insurers · 81 banks and credit unionsOf the 81, 40 are de novo UK banks

Licensing and permissions (FY2025/26)

Senior Management Function approvals
1,250
SM&CR service standard
100% within 3 months84% met the proposed two-month standard across the year, rising to 98% in the final quarter
Median SM&CR decision time
36 daysDown from 61 days in 2024/25; 28 days in the final quarter
Part 4A variations and cancellations
233
Waivers, modifications and model permissions
939Waivers 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 assessmentsFive 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 grantedMatching Adjustment Investment Accelerator, launched October 2025

Crypto / MiCA

FY2025/26
MiCA scope
Not applicable — UK is outside MiCAPRA 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

Basel 3.1 finalised
Finalised the UK's Basel 3.1 package in January 2026Internal 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 2025/26Before the simplified capital rules take effect
Estimate
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 monthsFrom 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

4
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

Registers, portals and publications

Application portals

PRA Regulatory Transactions
Data as of 28 February 2026 · Source: www.bankofengland.co.uk + ComplyBridge researchActivity Index methodology →