Correspondence

Recommendations for the Prudential Regulation Committee: November 2024

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

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Recommendations for the Prudential Regulation Committee (HTML)

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Response from the Prudential Regulation Committee (PDF)

PDF, 201 KB, 8 pages

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Response from the Prudential Regulation Committee (HTML)

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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.

Published 15 November 2024
Last updated 27 January 2025 + show all updates

1. 27 January 2025

   Response from the Prudential Regulation Committee added.

2. 15 November 2024

   First published.