I was thinking that it may be used to rank everyone against each other or rather is it to check and verify all the information that we have sent in during the selection process.
It is both. The outcome of the paper board is to select those candidates on paper most likely to succeed, and invite them to FSP.
Candidates are placed in a predictive band which is the result of all the gathered information and their performance and success factors being calculated into a score. That being said, the board is still a human process as the very experienced assessors carefully examine all aspects of the candidates performance. You should not worry about this stage at all. It is a system that puts all acceptable candidates in a pool and "creams" off the top to FSP.
If you get the invite to FSP, great! If not then you have not failed - it simply means there were more high performing candidates in the pool above you.
Just give it your best shot.
For those early in the process, if the paperwork is slow or there is no news for a long time, make sure you chase it up...like any system it is not perfect. Good luck.