The Financial Conduct Authority (FCA) has launched a review that could streamline rules for financial services providers to reduce the burden on businesses.
This follows the introduction of the Consumer Tax on July 31 last year.
The financial regulator is calling on the sector to identify rules that can be removed or simplified if they overlap with the duty.
The FCA says reducing the complexity of its rulebook can reduce costs for firms, encourage innovation and help support the risk appetite needed to support growth.
FCA chief executive Nikhil Rathi said: “We are committed to playing our part in supporting economic growth. The consumer tax marked a major shift for businesses and consumers by setting higher and clearer standards for consumer protection and requiring businesses to put the needs of their customers first.”
“We now want to seize the opportunity of Duty and move to a clear, results-based approach to streamline our rulebook, reduce costs for businesses and support competitiveness and growth of the economy.”
In addition to the wide-ranging review of the rules, the FCA is considering simplifying rules in the commercial insurance sector, a market worth more than £15.5 billion in Britain.
The FCA is questioning whether changing the way customers are categorized could significantly reduce the time it takes to take on new customers, or renew their contracts, and allow products to be tailor-made .
The financial regulator says this would reduce regulatory costs and could increase the competitiveness of the commercial insurance market.
The launch of both surveys took place on the day the regulator published its first report dedicated to how it has achieved its secondary objective of supporting UK competitiveness and economic growth over the medium to long term.
The FCA has also confirmed that from 1 August it will consult a new independent panel of experts when preparing cost-benefit analyses.
This applies to proposed regulations estimated to have a net annual direct cost to industry of £10 million per year and more.