UK investors and professional services groups say they are concerned that buoyant equity markets will allow the City of London to wriggle away from the consequences of the global financial crisis without making fundamental changes.

Critics of the City argue that the good times are already starting to roll again on the back of the bumper fees big banks are making from rights issues. They point to bidding wars erupting in the race to secure the services of top bankers, analysts and corporate brokers. Plans by Citigroup, UBS and Merrill Lynch to raise base salaries are also cited.