“On 1 April 2013 the Prudential Regulation Authority (PRA) will become responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms. In total the PRA will regulate around 1,700 financial firms. The PRA’s role is defined in terms of two statutory objectives to promote the safety and soundness of these firms and, specifically for insurers, to contribute to the securing of an appropriate degree of protection for policyholders.”
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