Shareholder representatives met with the FRC recently to discuss views on the debate over competition in the audit market, but concerns were raised over the number of members on boards at the regulator with Big Four links. The independence of the standard setting process was also questioned.

'There is a feeling that the FRC hasn't fully got into the mindset of being a regulator,' said one investor, who suggested there was still the impression that 'everyone is in bed with each other' in the UK's oversight system.

Another said that there had to be fundamental reform of standard setting processes on both an international and national level, to ensure it was not influenced by the Big Four.