The Financial Times reports that the City watchdog, the Financial Conduct Authority, is preparing to launch a “sweeping review” of valuations in private markets amid fears over the impact of higher borrowing costs. The paper says global regulators are becoming “increasingly uneasy about the potential for blow-ups in private assets and other markets following the abrupt reversal of more than a decade of low interest rates”. The review, it adds, will look at issues including who within a firm is accountable for valuations, how information about valuations is passed up to senior figures, and the governance procedures in place.