The boom in so-called blank cheque companies could finally come to the City, as the UK's financial watchdog has proposed removing a key barrier that would bring it in line with rival financial centres.

The Financial Conduct Authority has launched a consultation on special purpose acquisition companies following a sweeping review into the UK's listing authority by Lord Hill, which could lift a requirement for blank cheque companies to suspend shares once an acquisition target is found, it said in a 30 April statement.