The Financial Conduct Authority (FCA) has indicated that the rules governing financial services could be “streamlined” to reduce the burden on businesses.

The regulator has confirmed it is launching a broad rule review today.

Last year, the FCA introduced its Consumer Duty which has intended to ensure that firms deliver good outcomes for consumers when they buy financial products and services. The regulator is now calling on the industry to identify rules which could be removed or simplified if they overlap with the Duty.

Reducing complexity of the FCA’s rulebook could lower costs for firms, encourage innovation and help support the risk appetite needed to support growth, the regulator said.

Launching the review, FCA chief executive, Nikhil Rathi, said: “We are firmly committed to playing our part in supporting economic growth. The Consumer Duty marked a major shift for firms and consumers by setting higher and clearer standards of consumer protection and requiring firms to put their customers’ needs first.

“We now want to seize the opportunity of the Duty and the move to a clear outcomes-based approach to streamline our rulebook, lowering costs for businesses and supporting the competitiveness and growth of the economy.”

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