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The two main UK regulators are the Prudential Regulation Authority and the Financial Conduct Authority. Once a bank has received authorisation in the UK, or another member state, it may operate throughout the EU under the terms of the host state's rules: it has a "passport" giving it freedom of establishment in the internal market.
One focus was to maintain sufficient consistency of regulations so to limit competitive inequality amongst internationally active banks. Basel II was implemented in 2008 in most major economies. [1] [2] [3] The financial crisis of 2007–2008 intervened before Basel II could become fully effective.
In this list of financial regulatory and supervisory authorities, central banks are only listed where they act as direct supervisors of individual financial firms, and competition authorities and takeover panels are not listed unless they are set up exclusively for financial services.
The Prudential Regulation Authority (PRA) is a United Kingdom financial services regulatory body, formed as one of the successors to the Financial Services Authority (FSA). [ 1 ] [ 2 ] [ 3 ] The authority is responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms.
Compliance with bank regulations is verified by personnel known as bank examiners. The objectives of bank regulation, and the emphasis, vary between jurisdictions. The most common objectives are: prudential—to reduce the level of risk to which bank creditors are exposed (i.e. to protect depositors) [7]
The following is a list of regulators in the UK. Regulators exercise regulatory or supervisory authority over a variety of endeavours. In addition, local authorities in the UK provide regulatory functions in a number of areas.
The FCA works alongside the Prudential Regulation Authority and the Financial Policy Committee to set regulatory requirements for the financial sector. The FCA is responsible for the conduct of around 58,000 businesses which employ 2.2 million people and contribute around £65.6 billion in annual tax revenue to the economy in the United Kingdom ...
Banking Regulation and Supervision Agency; ... United Kingdom banking law This page was last edited on 4 March 2020, at 14:37 (UTC). Text ...