Section 31(3)

In section 138I (consultation by the FCA)— in subsection (2) after paragraph (b) insert— an explanation of the ways in which having regard to specified matters under section 138EA(2) has affected the proposed rules, after subsection (8) insert— The requirement to provide the explanation referred to in subsection (2)(ba) does not apply in relation to any rules if— the FCA considers that the delay involved in complying with that requirement would be prejudicial to the interests of consumers (as defined in section 425A) or other persons whose interests would be protected by the rules, or the rules change existing rules and the changes consist of, or include, changes which, in the FCA’s opinion, are not material. Where an explanation is not provided by virtue of subsection (8A)(b), the draft of the rules must be accompanied by a statement of the FCA’s opinion.

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Source: legislation.gov.uk · retrieved 2026-09-04