The Bank of England and the Prudential Regulation Authority (PRA) publish separate annual reports. The PRA report includes information on PRA’s activities for the year ended 28 February 2019.
Presented to Parliament pursuant to paragraph 19(4) of Schedule 1ZB of the Financial Markets and Services Act 2000 (FSMA) as amended by the Financial Services Act 2012 and the Bank of England and Financial Services Act 2016.
The report contains:
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Foreword by the Chair
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Report by the Chief Executive
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Prudential Regulation Committee (PRC) – members and responsibilities
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Annual report of the PRC to the Chancellor of the Exchequer
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Review of 2018-19
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Complying with FSMA
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PRA Annual Competition Report – June 2019 and
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Financial Review of 2018-19
From 1 January 2019, the PRA’s general safety and soundness objective has been amended to reflect the aims of structural reform (also referred to as ring-fencing). The PRA’s first report on certain aspects of ring-fencing is included in the ‘Complying with FSMA’ section.
The PRA Annual Report completes PRA’s reporting obligations for the year ending 28 February 2019, following the publication of the PRA Business Plan 2019/20, including the PRA Strategy.
Readers may find it helpful to read the PRA Annual Report alongside the Bank of England Annual Report and Accounts, which includes the PRA’s statement of accounts for the reporting period ended 28 February 2019.
Members of the public are invited to make representations to the PRA on the:
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PRA Annual Report;
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way in which the PRA has discharged, or failed to discharge, its functions during the period to which the report relates; and
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extent to which, in their opinion, the PRA’s objectives have been advanced and the PRA has considered the regulatory principles to which it must have regard when carrying out certain of its functions (contained in section 3B of FSMA), including how it has facilitated effective competition in the markets for services provided by PRA‑authorised firms in carrying on regulated activities in accordance with section 2H of FSMA.
The consultation closes on Friday 13 September 2019.
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