How the UK IPO process works, the ability for companies to choose between service providers and data-based concerns including league table rankings are among the areas the Financial Conduct Authority has homed in on in its market study into the country's corporate and investment banking sector.

Since the authority launched its study in May 2015, it has spoken with more than 100 market participants including investment banks, corporate finance advisers, investors and corporate clients, and analysed more than 10,000 equity and debt capital markets, mergers and acquisitions, and corporate loan market transactions spanning the past five years.