The head of the Financial Conduct Authority has said the regulator will be "very, very focused" on emerging risks in private markets as a result of rising interest rates.

Markets had got used to lower for longer, Nikhil Rathi told the City watchdog's annual public meeting on 4 October. This had thrown up challenges in areas including private markets and real estate valuations, with an economic downturn also placing pressure on private equity firms and their portfolio companies.