UK:
FSA Confirms Approach To Temporary FCA Product Intervention Rules
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On 25 March 2013 the FSA published a policy statement setting
out the FCA's approach to temporary product intervention. These
Temporary Product Intervention Rules (TPIRs) are emergency rules
which the FCA may introduce, without prior consultation, to protect
consumers. This gives the FCA time to remedy the issue. The FCA
will introduce TPIRs when it detects a substantial risk to
consumers, such as when:
- a product is in danger of being sold to the wrong
customers;
- a non-essential feature of a product appears to be causing
serious problems for consumers; or
- a product is inherently flawed.
TPIRs made before consultation can last for a period of up to 12
months only and cannot be renewed. The FSA consulted on TPIRs in
December 2012 on behalf of the FCA.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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