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UK banks are leaving themselves open to “severe, unexpected losses”, by failing to properly measure how exposed they are to the $8tn private equity industry, the Bank of England has warned. In a speech on Tuesday, Rebecca Jackson, a senior executive at the central bank, said there was a “creeping sense of complacency” among lenders, who – despite a boom in loans and financing to the sector – had almost no ability to put together data “or even appreciate its crucial importance”. – Guardian

UK stocks are expected to rise for the sixth straight day on Wednesday, with futures pointing to a third consecutive record for the FTSE 100.

Investment manager Abrdn recorded net inflows of £800m in the first quarter of the year, driven by stronger markets.

Lloyds Bank held annual guidance despite a 28% fall in first-quarter profits due to lower net interest income and higher operating expenses, as competition for mortgages and savings squeezed margins.

UK insurer Aviva said it aimed to deliver £100m of health operating profit by 2026.