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PROD 2.14 Revocation or replacement of rules

PROD 2.14.1G

1When making temporary product intervention rules the FCA will state the duration of the rule and the date from which it will be effective. Temporary product intervention rules will have a maximum duration of 12 months from when the rule is made, but the FCA may decide on a shorter duration for a rule.

PROD 2.14.2G

The FCA may review or revoke temporary product intervention rules at any time before the end of the period for which they apply.

PROD 2.14.3G

Rules may be revoked or amended for a number of reasons, including but not limited to:

  1. (1)

    new rules are introduced on a permanent basis following a consultation exercise; or

  2. (2)

    industry initiatives are developed that specify sufficient minimum standards to address the sources of consumer detriment; or

  3. (3)

    further evidence is submitted that demonstrates that consumer detriment will not occur; or

  4. (4)

    demand for, or supply of, the relevant product disappears and is deemed unlikely to return; or

  5. (5)

    the FCA identifies unforeseen negative effects of the rule which outweigh any positive impact upon consumer protection.

PROD 2.14.4G

Where temporary product intervention rules have been made, the FCA may not make further temporary product intervention rules containing the same, or substantially the same, provisions within 12 months beginning on the day on which the limited duration of the initial rules ends (whether or not the rules were revoked early). This period does not apply to rules that are not temporary product intervention rules, (i.e. rules which had been made subject to consultation, whether or not of set duration).