Prudential Regulation Committee replaces PRA Board

The changes are required by the Bank of England and Financial Services Act 2016 which was passed in May 2016. The Act will also see the Monetary Policy Committee's monthly meetings cut from 12 to 8 a year, and place the Bank's three major policy committees on the same statutory footing.

The PRA’s most important supervisory and policy decisions will now be made by the PRC. However there will be no changes to the PRA’s objectives or functions.

The Act also provides for one member to be appointed by the Governor, who has chosen Ben Broadbent. Ben has been Deputy Governor for Monetary Policy at the Bank of England since July 2014.

HM Treasury has announced today that the current external members of the PRA Board have been re-appointed by the Chancellor.

Governor of the Bank of England, Mark Carney, said: “The creation of the Prudential Regulation Committee tomorrow will deliver a simpler and more coherent governance structure within the Bank, while ensuring that the Prudential Regulation Authority remains strongly focused on its statutory objectives. Ben’s appointment brings macroeconomic and microprudential perspectives even closer together within One Bank to promote the safety and soundness of PRA-supervised banks and insurers.”