F1PART 1AThe Regulators
CHAPTER 2The Prudential Regulation Authority
The PRA's general duties
2BThe PRA's general objective
(1)
In discharging its general functions the PRA must, so far as is reasonably possible, act in a way which advances its general objective.
(2)
The PRA's general objective is: promoting the safety and soundness of PRA-authorised persons.
(3)
That objective is to be advanced primarily by—
(a)
seeking to ensure that the business of PRA-authorised persons is carried on in a way which avoids any adverse effect on the stability of the UK financial system, and
(b)
seeking to minimise the adverse effect that the failure of a PRA-authorised person could be expected to have on the stability of the UK financial system.
(4)
The adverse effects mentioned in subsection (3) may, in particular, result from the disruption of the continuity of financial services.
(5)
In this Act “PRA-authorised person” means an authorised person who has permission—
(a)
given under Part 4A, or
(b)
resulting from any other provision of this Act,
to carry on regulated activities that consist of or include one or more PRA-regulated activities (see section 22A).
(6)
Subsection (1) is subject to sections 2C and 2D.