Speaking as he launched a consultation on the overhaul of the Competition and Markets Authority (CMA), which regulates mergers and acquisitions, Mr Reynolds told journalists the number of bodies overseeing British business may be a barrier to economic success.
In financial services there are several overlapping regulators, established in the wake of the 2008 crash, including the Financial Conduct Authority, the Prudential Regulation Authority and the Financial Policy Committee.
The Business Secretary Jonathan Reynolds has indicated the number of regulators overseeing British industry and commerce could be reduced as part of the government's pursuit of economic growth.
"If you look at the divergence in financial services between the US and the UK after the financial crisis it is absolutely stark, both in terms of the average income, GDP growth, whichever way you look at it.
Asked if the focus on growth could come at the expense of consumer interests, he said: "Effective regulation cannot be protecting people from risks by simply closing down or preventing whole areas of business activity.
