Bankers more confused
For bankers and insurers today has in some ways been maddening, because in a way they are further from knowing how they'll be regulated in a year's time.
Because there is now a very clear difference between the policy of the government and the policy of the Tories.
And if the opinion polls are to be believed, it's the Tory plan that'll be implemented after the next election.
Which means that the Bank of England will become a lot more powerful.
As I mentioned in a recent note, the shadow chancellor George Osborne will create what's known as a Twin Peaks regulatory system (or a version of it), with the Bank of England monitoring financial risk at banks, building societies and big insurers.
A new consumer and markets regulator would replace the Financial Services Authorities. It would be responsible for making sure financial firms conduct themselves in ways that don't damage their customers.
For those running the FSA right now, this is a pretty fair old nightmare - because it will make it pretty difficult for it to continue the process of upgrading its staff through recruitment over the coming few months (why would you join a regulator that's being dismantled?).
By the way, some of those running the FSA would argue that a flaw in the Tory approach is that in separating prudential supervision and what's known as conduct-of-business regulation, it would be harder to assess risk in the round at any particular bank or insurer.
A big bank can end up being very badly damaged by selling the wrong stuff to the wrong customers. But under the Tory proposal, responsibility for keeping an eye on that wouldn't rest with the re-empowered Bank of England.
As for Mervyn King's disappointment that he hasn't won the right from the current chancellor for the Bank of England to go into banks and demand relevant information, some bankers had been somewhat alarmed at the notion that they might have had to report to two separate regulators (though they'll certainly have to do a bit of this under the Tory prescription).
Surely if the governor asks the FSA nicely enough, it'll supply him with the information on specific banks that he'll be wanting in the weeks to come.