The head of the UK Financial Conduct Authority has warned the market to be "vigilant" over volatility-related financial investments, which he said might have contributed to the recent equities turmoil.

In early February, the Dow Jones Industrial Average and S&P 500 entered correction territory, with stock markets around the world plunging. The VIX index, which measures volatility and is known as Wall Street's fear gauge, had its largest-ever one-day move, hitting its highest level since 2015.