The Bank of England published terms of reference for the Prudential Regulation Committee (PRC). The PRC has responsibility within the Bank for exercising the Bank’s functions as the PRA under the amended Bank of England Act 1998. The terms of reference include:
- the membership of the PRC;
- details of the statutory responsibilities (PRC setting the PRA levy and adopting the budget of the PRA) and other non-delegable responsibilities;
- details of the positions and roles of Chief Executive and Chair;
- powers to summon a meeting, and the required quorum;
- that decisions should be reached by consensus wherever possible, but where there is no consensus or majority, the person chairing the meeting will have a second casting vote;
- the role of Chief Executive of the FCA (and what that person cannot participate in);
- disclosure of conflicts of interest;
- how decision can be reached without a meeting;
- the role of the Court of Directors; and
- the role of the PRA Secretariat functions.