The Financial Conduct Authority (FCA) is planning to gather evidence on current trends in complaints related to payment protection insurance (PPI).
The regulator said it will use this evidence to assess whether the current approach is working.
It will measure this by looking at whether the PPI complaints process is "securing appropriate protection for consumers and enhancing the integrity of the UK's financial system".
The FCA will then consider whether further interventions may be appropriate - which could include a consumer communication campaign; a possible time limit on complaints; or other rule changes or guidance - or whether the PPI scheme should continue as it is.
Work on the project will begin shorlty, the regulator said, and it will give its view on the evidence collected in the summer.
The FCA said it expects firms to continue to deal with PPI complaints in accordance with its rules while this work is being carried out.
Consumers who believe they were mis-sold PPI should continue to complain to the firm that sold it to them and to the Financial Ombudsman Service if they are not satisfied with the firm's response, the FCA said.
Making such complaints is free to consumers and there is no need to use a claims management company.
Since January 2011, firms have handled over 14m consumer complaints about the sale of PPI, upholding over 70% and paying £17.3bn compensation, according to FCA figures.
