PRA regulation will focus on the big issues

The Prudential Regulation Authority (PRA) will focus on ensuring that insurers’ and banks’ business practices do not have a negative affect on society, according to incoming PRA chief executive Andrew Bailey.

Bailey added that the PRA would be more focused on big issues than the FSA, according to the Financial Times.

The PRA will regulate banks and insurers, and will launch in early 2013.

Bailey will explain more about how the PRA will run this week.