Will the new rules affect me? Almost certainly. While the toughest rules will only affect those people earning bonuses of more than £1m, anyone earning more than £500k will be hit hard and regulators are expecting to see a change in behaviour with all bonuses. Sorry.

I thought they only applied to the biggest firms. They did. Last year, only 27 firms were captured by the rules. This year it will be around 2,500 firms. In other words, pretty much everyone.