There is also a specific exemption to the consultation requirement in relation to making temporary product intervention rules (section 138M of the Act). The FCA may make temporary product intervention rules without consultation if it considers that it is necessary or expedient not to comply with such a requirement to advance:
the consumer protection objective, or
the competition objective, or
the market integrity objective.
The FCA’s discretion to act under section 138M is therefore wider than under section 138L.
The FCA Board will consider whether the evidence is sufficient to support the proposed measure and whether the measure is a proportionate response to the issue identified.