[138L Consultation: general exemptions]
[138L Consultation: general exemptions]

[(1)     Sections 138I(1)(b) and (2) to (5) and 138K do not apply in relation to rules made by the FCA if the FCA considers that the delay involved in complying with them would be prejudicial to the interests of consumers, as defined in section 425A.

(2)     Sections 138J(1)(b) and (2) to (5) and 138K do not apply in relation to rules made by the PRA if the PRA considers that the delay involved in complying with them would—

(a)     be prejudicial to the safety and soundness of PRA-authorised persons, or

(b)     in a case where section 2C applies, be prejudicial to securing the appropriate degree of protection for policyholders.