Hm Treasury
class="gem-c-govspeak govuk-govspeak gem-c-govspeak--direction-ltr govuk-!-margin-bottom-0">
The Prudential Regulation Committee (PRC) is responsible for the exercise of the Bank of Englands functions as the Prudential Regulation Authority (PRA). The PRA is the UKs 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 governments 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.