An agency responsible for the prudential supervision and regulation of the UK financial system. It was set up in 2012, along with the Financial Conduct Authority, to replace the Financial Services Authority. The PRA is a subsidiary of the Bank of England. Its statutory objectives are formulated as promoting the safety and soundness of banks, building societies, credit unions, insurers, and investment firms, and securing protection for policyholders.

http://www.bankofengland.co.uk/pra/Pages/default.aspx The Bank of England web page for the PRA.