The Bank of England will introduce a simpler regime for small banks after the UK leaves the EU, said the deputy governor and chief executive officer of the Prudential Regulation Authority.

“One thing we’re working on which we’ll say more about later, probably in a month or so, is a simpler regime for little banks, which I think will be a very good thing to have and which frankly has been impossible to agree in a European context because one person’s big bank is another person’s small bank,” said Sam Woods, speaking on a panel during City Week’s 10th annual international financial services forum.