The Prudential Regulation Authority (PRA) was created as a part of the Bank of England by the Financial Services Act (2012) and is responsible for the prudential regulation and supervision of around 1,700 banks, building societies, credit unions, insurers and major investment firms. The PRA's objectives are set out in the Financial Services and Markets Act 2000 (FSMA).
The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom, but operates independently of the UK government, and is financed by charging fees to members of the financial services industry. The FCA regulates financial firms providing services to consumers and maintains the integrity of the UKâ€™s financial markets. It focuses on the regulation of conduct by both retail and wholesale financial services firms.
The Financial Services Compensations Scheme (FSCS) protects consumers when financial services firms fail. It's the compensation scheme for customers of UK authorised financial services firms.