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Prudential Regulation: What is it and who is responsible?

Prudential regulation enforces standards upon firms within the financial services to control their risks and hold adequate capital, with the aim of providing stability for the financial system and protecting markets from collapse.

Both the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have responsibilities for prudential regulation within the UK financial services industry.

Whilst the PRA is responsible for the supervision and prudential regulation of banks, building societies, credit unions, insurers and major investment firms, the FCA is responsible for the supervision and prudential regulation of all other regulated firms. These include brokerage firms, financial advisers, sole traders, broker dealers, spread betters, asset managers and commodities traders amongst others.

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What is Prudential Regulation?

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