The significance of today's announcement is that employers will now have to give equal consideration to all requests for flexible working whereas previously they need only have listened to requests from those with carer of childcare responsibilities. Further, they cannot prioritise such requests in favour of those with carer or childcare responsibilities - all requests must be given equal weight.
It is a solution to a ridiculous problem created by the original rules which meant that people with responsibilities were treated more favourably than those without - for every person working "child friendly" hours some other poor sod had to pick up the child unfriendly hours.
In fact the government needs to wake up to the fact that businesses exist for the benefit of their customers and shareholders, not their staff. If the boss wants you in from 9 till 5 then that's what the boss should get, not some wishy washy accommodation that allows people to clear off at 2:45pm to do the school run.
By the way, 3Ts, I didn't know you worked for Megabank. Do you know Rupert Stirling, Alex Masterly and his mate Clive??? :-)