We, the Prudential Regulation Authority (PRA), as part of the Bank of England (the Bank), are the UK's prudential regulator for deposit-takers, insurance companies, and designated investment firms.

1. This document sets out how we carry out our role in respect of deposit-takers and designated investment firms (referred to collectively in this document as 'firms'); a second document relates to our supervision of insurers. [The Prudential Regulation Authority's approach to insurance supervision, July 2023.] It is designed to help regulated firms and the market understand how we supervise these firms, and to aid accountability to the public and Parliament. The document acts as a standing reference that will be revised and reissued in response to significant legislative and other developments that result in changes to our approach.

2. This document serves three purposes. First, it aids accountability by describing what we seek to achieve and how we intend to achieve it. Second, it communicates to regulated firms what we expect of them, and what they can expect from us in the course of supervision. Third, it meets the statutory requirement for us to issue guidance on how we intend to advance our objectives. It sits alongside our requirements and expectations as published in the PRA Rulebook and our policy publications. [The way we make policy and links to our policy publications are available here.]