Is now the best time for those with banking jobs in London to see new regulations?
Just over two months after the coalition government was formed, the changes it has proposed to make within the financial services sector have been far-reaching.
Indeed, people looking for banking jobs in London may feel they have been struggling to keep up with all the plans, which the new government hopes will prevent the UK from being plunged into a serious economic downturn, such as it has experienced in recent years.
Shortly after taking up the position of chancellor of the exchequer, George Osborne made his first Mansion House address, where he announced that the current regulatory system for banks - a three-tier model made up of the Financial Services Authority (FSA), Bank of England and the Treasury - would come to an end.
Talking of the role of the regulators ahead of the recession, he said: "No-one was controlling levels of debt and when the crunch came, no-one knew who was in charge."
As a result, the FSA is set to "cease to exist in its current form", with a new prudential regulator set to be created as a subsidiary of the Bank of England, which would be responsible for monitoring banks, investment financial services providers, building societies and insurance companies.
In addition, Mr Osborne proposed setting up an independent Financial Policy Committee to investigate and act on the macro issues that could pose a threat to the economy.
Elsewhere, it was reported last month that international capital regulations concerning the financial services sector are to be introduced in a phased timeframe.
According to the Guardian, G20 ministers have admitted that amendments to the Basel banking rules are unlikely to come into force until 2012.
This delay has come about as a result of suspected disagreements among ministers over proposals for Basel III, about just how much capital the world's banks should be able to hold as protection in the event of another international recession.
While these regulations are coming thick and fast, how will it affect the individuals who have finance jobs in London?
This week, a majority of MEPs voted in favour of placing tough new restrictions on bankers' bonuses.
The Telegraph claimed that an FSA spokesman was now "considering the text and how it affects our own code", although the regulator dismissed any claims that it would challenge the rules.
As a result of the restrictions, from January 1st, bankers will see the cash element of their bonuses capped at 30 per cent of the total, while the top earners would come under a 20 per cent cap.
Between 40 and 60 per cent would be deferred for at least three years.
Meanwhile, 50 per cent of the remuneration capital would be used as "contingent capital" in the event of the bank falling into difficulty.
With so much going on, one writer has questioned whether financial regulation is speeding up at just the wrong moment.
Tracy Corrigan, columnist and assistant editor of the Daily Telegraph, was commenting after David Cameron told the Globe and Mail that he was "convinced" faster movement was needed on strengthening capital and liquidity so that the banks could fix their own problems without relying on the taxpayer.
Ms Corrigan said: "Mr Cameron is absolutely right that the taxpayer needs to be protected from future banking failures and that the system was undercapitalised going into the crisis.
"The problem now, however, is that multiple measures to tighten capital rules may all kick in, just as fiscal tightening puts renewed pressure on economic recovery."
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