What is the Bank of England?
● The Bank of England (BoE) is the UK’s central bank and they have the role of making sure
that our financial markets remain stable.
● The BoE has a Financial Policy Committee (FPC) that identifies, monitors and takes action to
remove risks, protect and enhance resilience of the UK financial system.\
Who is PRA?
● Under the BoE sit the Prudential Regulation Authority (PRA)
● The PRA regulates banks, building societies, credit unions, insurers and major investment firms within the financial services industry, The firms which, if they were to fail, could cause problems in the market. Their role is to make sure that these firms have processes in place and the liquidity required to remain solvent.
Who is the FCA?
● The Financial Conduct Authority (FCA) works alongside the BoE and the PRA. Their role is to improve the conduct of firms, protecting consumers, keeping the industry stable, and promoting healthy competition between financial service providers. FCA also works with HM Treasury.
What is Treating Customers Fairly?
● Treating customers fairly is a requirement for all regulated firms, no matter their size or the nature of the activities they undertake.
● Firms need to consider the fair treatment of customers throughout the entire customer journey – both before and after entering into a contract.
● Treating Customers Fairly is about having customers at the heart of your business