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.
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