The Governor of the Bank of England is the chair of the Prudential Regulatory Authority (PRA) and is appointed for 8 years, renewable once. The Deputy Governor for Prudential Regulation of the Bank of England is the chief executive of the PRA, also appointed for 5 years.The Bank of England and Financial Services Act 2016 ends the subsidiary status of the PRA and establishes that the Bank of England is the PRA through a new Prudential Regulation Committee. 