The City watchdog is considering changing rules to allow people to receive clearer information from financial firms to make it easier for them to find and compare products.

The Financial Conduct Authority (FCA) is exploring how it can simplify communications about savings accounts. The watchdog, which will announce its five-year strategy on Tuesday, will also review parts of its credit advertising rules, such as lengthy terms and conditions.

The regulator is also examining its expectations for mortgage lending, as part of a range of proposals to streamline its rules, reduce burdens on businesses and improve outcomes for consumers.

On Monday, its chair, Ashley Alder, told the Financial Times that the FCA wants to encourage retail investors to take more risks with its savings.

The work will help to build on the Consumer Duty, which was previously introduced by the regulator, requiring financial firms to put customers at the heart of what they do, including in their communications and in the design of their products.

The FCA also said it has received “clear feedback” from industry that now is not the time for widespread changes to its rules.

It said it will continue to engage with industry and others to “get the balance right”. Its plans include reviewing current disclosure rules to give firms more flexibility to tailor their communications to customers’ needs and preferences, such as online and digital transactions.

It also plans to “retire” some guidance for firms that has become outdated.

The chancellor, Rachel Reeves, has tasked regulators with helping to drive economic growth, including looking at ways for regulators in general to work more efficiently.

Sarah Pritchard, the FCA’s executive director of competition, consumers and international said: “These proposals are part of our long-term efforts to future-proof our rules, reduce burdens for financial firms and will help the ambitious government targets to cut the cost of regulation.”

The FCA said it has set four priorities to focus on for its five-year strategy – helping consumers, fighting crime, supporting growth and being a “smarter regulator”.

Earlier this month, the government said it had abolished the Payment Systems Regulator as part of an “efficiency drive”, and the FCA will absorb it and its 160 staff. The government presented the step as part of the efforts to boost growth.

The FCA and PSR share premises in Stratford, east London. PSR staff are on FCA contracts.