Letter from the Chancellor of the Exchequer to the Governor of
the Bank of England providing recommendations for the Prudential
Regulation Committee (PRC).
From: HM
Treasury and The Rt Hon Rachel Reeves MP
Published 15 November 2024; Last updated 27
January 2025 — See all updates
Documents
Recommendations for the
Prudential Regulation Committee (PDF)
PDF, 1.66
MB, 6 pages
Recommendations for the
Prudential Regulation Committee (HTML)
HTML
Response from the Prudential
Regulation Committee (PDF)
PDF, 201
KB, 8 pages
Response from the Prudential
Regulation Committee (HTML)
HTML
Details
The Prudential Regulation Committee (PRC) is responsible for the
exercise of the Bank of England's functions as the Prudential
Regulation Authority (PRA). The PRA is the UK's microprudential
regulator for around 1,500 banks, building societies, credit
unions, insurers and major investment firms.
The Bank of England Act 1998 requires the Treasury, at least once
in each Parliament, to make recommendations to the PRC about
aspects of the government's economic policy to which the PRC
should have regard when advancing the objectives and discharging
the duties of the PRA.
This letter provides such recommendations and outlines the
important role the PRA plays in facilitating growth and
international competitiveness.
The PRC is required to respond to the recommendations from the
Treasury within a year of receiving the recommendations, and each
subsequent year after that. These responses set out action that
the PRC has taken, or intends to take, in accordance with the
recommendations, or why it has not acted.
