Course content Course content
Managing my financial journey
Managing my financial journey

Start this free course now. Just create an account and sign in. Enrol and complete the course for a free statement of participation or digital badge if available.

More free courses

The PRA and FCA

Liaison between the PRA and FCA

Clearly the PRA and FCA cooperate closely. The fact that the FCA is the conduct regulator for PRA-authorised firms and the conduct and the prudential regulator for many other smaller UK firms is suggestive of potential overlaps – and perhaps conflicts – between the regulatory activities of the two organisations. To address these potential operational problems, a Memorandum of Understanding between the two authorities has been drawn up. This addresses the need for, and the process of, coordination between the PRA and FCA while recognising their separate, independent mandates and statutory objectives.

Regulation of pensions

The PRA and FCA’s responsibilities do not extend to the regulation of work-based pension schemes. The responsibility for these was passed from the Occupational Pensions Regulatory Authority to the Pensions Regulator in 2005 following the enactment of the Pensions Act 2004.

The Pensions Regulator has three statutory objectives (Pensions Regulator, 2013):

  • protecting the benefits of members of work-based pension schemes
  • reducing the risk of situations arising that may lead to compensation being payable under the Pension Protection Fund
  • promoting, and improving understanding of, the good administration of work-based pension schemes.

Take your learning further

Making the decision to study can be a big step, which is why you'll want a trusted University. The Open University has 50 years’ experience delivering flexible learning and 170,000 students are studying with us right now. Take a look at all Open University courses.

If you are new to University-level study, we offer two introductory routes to our qualifications. You could either choose to start with an Access module, or a module which allows you to count your previous learning towards an Open University qualification. Read our guide on Where to take your learning next for more information.

Not ready for formal University study? Then browse over 1000 free courses on OpenLearn and sign up to our newsletter to hear about new free courses as they are released.

Every year, thousands of students decide to study with The Open University. With over 120 qualifications, we’ve got the right course for you.

Request an Open University prospectus371