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Devolution in Scotland is, of course, a thorny issue, particularly since the SNP's new referendum for independence. But, when it relates to the financial services industry, few are willing to climb down off the fence. This is beginning to change.

The UK government is currently getting stick from all areas of the financial services industry – for everything from income tax to bonus proposals – for undermining the competitiveness of the City.

But the country's financial services industry spreads far beyond the confines of the Square Mile, and Scotland is one of key areas outside of London.

With Scotland's domestic banking sector still licking its substantial wounds, it's more important then ever that it's able to attract more inward investment from financial services firms.

Without implicitly supporting independence, Scottish Financial Enterprise made it clear in written evidence to a Holyrood committee inquiry into the finance sector that something needs to change:

"We need to take the initiative and, to do that, continued co-ordination between Scottish and UK agencies and actors is essential. Scotland's position as part of the UK and part of the City of London brand is very important internationally."

"More than half of financial services jobs in the UK are outside London and the distinctive nature and heritage of Scotland as a financial centre enhances and broadens the UK's promotional pitch for international business."

But one of the consequences of handing more powers to Holyrood could be a higher rate of income tax north of the border – something that would undoubtedly discourage top talent from moving here.

SFE adds: "We suggest that all policy proposals at the hand of the Scottish Government should be subject to an 'international competitiveness assessment', similar to environmental impact assessments. If a policy seems likely to harm our international competitiveness, consideration of that should weigh heavily in any decision whether to proceed."