◉ PSYCHOHISTORY

Prudential Regulation Authority

artifactMoney & Finance
The UK's bank watchdog was set up inside the Bank of England, not as a separate body.
Who they are

The Prudential Regulation Authority (PRA), created in 2013 inside the Bank of England.

What they do

A regulator that looks at the safety and soundness of individual financial institutions.

How it works

The Financial Services Act 2012 created the PRA under the Bank of England. At the same time, a Financial Policy Committee was set up with the job of spotting threats to the whole financial system. The PRA checks single firms; the FPC checks the system as a whole. The record does not show that the PRA had operational independence from the Bank, or that it acted on the LDI risk.

Why it matters

It shows how a regulator placed inside a central bank can be presented as a separate watchdog while still sitting under the Bank's roof.

The engine's record — word for word
The corpus records: "The Prudential Regulation Authority was created inside the Bank in 2013 6 , along with a Financial Policy Committee whose entire job was to identify threats to financial stability 7 ." Cross-sourced to bankofengland.co.uk — documents cited by the corpus and retrieved independently of it.
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