Prudential Regulation Authority (United Kingdom)

The Prudential Regulation Authority was established April 1, 2013 under the Financial Services Act 2012 as part of the United Kingdom's post-financial-crisis overhaul of financial regulation, replacing the Financial Services Authority that had supervised the sector since 1997. Operating as part of the Bank of England from its offices at 20 Moorgate in London, near the Bank's Threadneedle Street headquarters, it regulates banks, building societies, credit unions, insurers and major investment firms, pursuing the statutory objectives of promoting the safety and soundness of firms and, for insurers, protecting policyholders, through a forward-looking supervisory approach rather than a zero-failure regime. Andrew Bailey served as its first chief executive from 2013 to 2016, succeeded by Sam Woods, who also holds the title of deputy governor for prudential regulation.