The two brands dominate the industry and between them raked in about £50bn of sales worldwide last year.

Mortgage brokers, which still dominate the industry, particularly hate the chopping and changing.

The fund managers who dominate the industry today spent their formative years seeing the collapse in values of telecoms stocks and dotcoms.

With a massive tech-savvie population and successful software start-ups breaking its reliance on call centres and outsourcing, the city looks set to dominate the industry for years to come.

Many small ecigarette makers say the new requirements will add production costs they cannot afford, forcing them out of business and leaving the main players to dominate the industry.