Concerns have been raised over the influence of House of Lords members with links to the Square Mile as the government's flagship bid to unleash the City works its way through parliament.

The Financial Services and Markets Bill, which is set to give the City's regulators an objective to boost international competitiveness, allow the government to ask for rules to be reviewed, and make the watchdogs more accountable to MPs had its second reading in the House of Lords on 10 January.