As mentioned before the title is basically to give small hall promoters a belt for people to fight for. I know that the purse is also set at a minimum of £1500 for each fighter so it also guarantees each fighter a decent purse. To fight for the belt all you have to do is challenge the fighter who currently owns it for it if they refuse the fight the title is automatically vacated so it can be used for another contest.
as i understand it the masters title leads a fighter to number 1 ranking for the english title its not a major title just a stepping stone to the english title
A History of the British and International Masters title http://professionalboxingpromotorsa...ption=com_content&view=article&id=47&Itemid=2