Scrapping the long-standing cap on UK banker bonuses is unlikely to lead to lavish payouts any time soon because compensation structures put in place to circumvent the rules could prove difficult to unwind.

Lawyers, bankers and compensation experts have warned that it could be years before banks overhaul their current pay structures in the wake of the UK government’s decision to ditch limits on bonuses, even as big Wall Street banks consider curtailing so-called role-based allowances.