out in a consultation paper proposing simplifications to liquidity, reporting, and disclosure requirements for banks and building societies that are eligible for the simpler regime. [ 21 ] in addition, we are also publishing a consultation paper proposing simplifications to remuneration rules for smaller firms. these are changes we could not have made whilst we were in the eu. they are a down - payment on our commitment to use our new powers to tailor rules and to make the uk a better place to operate a financial firm, without compromising on safety. we plan more. we are looking more broadly at the whole structure of rules around remuneration and we are committed to publishing proposals to simplify capital requirements for the simpler regime. ideas for how we can simplify rules for larger mid - tier firms are under development. on that subject, i want to draw attention to analysis we have published today about the impacts of the basel 3. 1 proposals we are consulting on and of some earlier reforms. [ 23 ] the analysis shows how these will together help to narrow the gap between capital requirements for mortgages under the standardised approach used by the majority of smaller banks and the internal ratings based ( irb ) approach used by bigger banks. this analysis shows how we are already levelling the playing field to facilitate effective competition between small and large banks. in this case, our analysis shows why we expect the gap between capital required for mortgages under the standardised approach and capital required under irb to narrow significantly. [ 24 ] these findings will inform our approach to simpler regime capital requirements for small firms. deepening our understanding as we continue our work, we must continue to draw on global best practice when pursuing our new objective. until now, the contribution of prudential regulation to international competitiveness and growth has not been a focus of research in academia or the regulatory and central banking community. more research and debate with practitioners, academics and regulators will help us deliver our new objective and will help us understand how to measure and report on how well we are doing. this is why i am delighted to announce that we will be holding an international conference on 19 september to deepen our understanding of the links between prudential regulation, international competitiveness, and growth. i hope that the conference, which will be held after the financial services and markets bill is expected to be enacted, will kick off the next stage of a debate about how we can pursue our new objective. we would also like to share

fed a new wave of openness and growth. see the global financial centres index ( 2016 ) at : http : / / www. longfinance. net / global - financial - centre - index - 19 / 992 - gfci - 19. html and ernst and young, “ fintech on the cutting edge ”, ( 2016 ) : http : / / www. ey. com / uk / en / industries / financial - services / banking - - capitalmarkets / ey - uk - fintech - on - the - cutting - edge bank of england, ‘ three centuries of macroeconomic data ’ at : http : / / www. bankofengland. co. uk / research / pages / datasets / default. aspx see bank underground articles on the crises of 1847, 1857 and 1866 and the development of the role of the bank of england at : https : / / bankunderground. co. uk / 2016 / 12 / 19 / christmas - special - financial - crises - in - the - 19th - century /. new laws emerged in the mid - 19th century, allowing the spread of joint stock banks across the country, to finance the growing needs of the economy. all speeches are available online at www. bankofengland. co. uk / speeches the accompanying burst of financial innovation spread the application of these technologies and supported the process of globalisation that bolstered trade, productivity and incomes. once again, however, the hard and soft infrastructure of the financial system failed to keep pace. lighttouch regulation, out - moded codes of market conduct, inadequate settlement and clearing infrastructure all contributed to the global financial crisis. we can draw on these experiences to help ensure that fintech boosts growth and promotes financial stability. not least because, following a raft of post - crisis reforms, the bank ’ s regulatory frameworks are now fit for purpose. the bank of england ’ s financial policy committee ( fpc ) is mandated to assess new and emerging risks to financial stability, including those that may exist beyond the existing regulatory perimeter. and it now has the powers to treat similar risks consistently, wherever they originate. with this new approach, the bank can help build the right infrastructure for fintech to realise its promise. the promise of fintech to its advocates, fintech will democratise financial services. consumers will get more choice and keener pricing. smes will get access to new credit. banks will become more productive