Mervyn King, governor of the Bank of England, and Andrew Bailey, chief executive designate of the Prudential Regulatory Authority are at Parliament today giving evidence to the Parliamentary Commission on Banking Standards.
Mr Bailey has also been appointed deputy governor of the Bank of England
They have been answering questions from the commission on how to improve the culture of banking standards.
Topics covered included banking bonuses following yesterday's news of the EU banking cap, powers of the new regulator, the banking crisis and whether banks are still "too big to fail".
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Sir Mervyn will later be attending this month's Monetary Policy Committee which will run until tomorrow.
This will decide the latest interest rates and any additions to the asset purchase programme which currently stands at £375bn.
If interest rates are held at 0.5 per cent again this month, this will mean it has remained at that rate for an unprecedented four years.
Last month, the committee voted unanimously to hold interest rates while three members, including Sir Mervyn, voted to increase the asset purchase programme by £25bn.
The Bank will also be considering news earlier this week of the Funding for Lending results which showed funding had fallen by £2.4bn in the fourth quarter of 2012.

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