Charlie Nunn took the helm at Lloyds in 2021.

The chef executive of Lloyds Banking Group has weighed in on the bubbling tension in the private credit market with a stark warning.

In a session with the House of Lords Financial Services Regulation Committee, Charlie Nunn said the UK needed to be “very careful not to make banks accountable for the risks of the non-bank sector”.

“As a bank we have much more transparency and clarity around the risks,” he said, adding the bank already holds “capital and funding for stressed scenarios.”

But Nunn warned such a move to hamper lenders with additional regulation would make the UK “less competitive”.

“I would be concerned for the future of the UK if it were to go down that path, especially in the international competitiveness environment we’r

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