The Financial Services Authority is consulting on the approach the Financial Conduct Authority should take if it needed to make temporary rule changes on financial services products.
The FCA will come into power in April 2013 and the FSA wants to be clear what the FCA's approach will be.
IN CP12/35 'The FCA's use of temporary product intervention rules', the FSA looks at when intervention could be taken and what could be done by the FCA.
Some instances when temporary rules may be used include where a product is in serious danger of being sold to the wrong customer, where a non-essential feature of a product seems to be causing serious problems or where a product is inherently flawed.
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These products could then have features removed, have restricted marketing or, in serious circumstances, be banned from sale.
Martin Wheatley, managing director at the FSA and chief executive designate of the FCA, said: "Making temporary product intervention rules is not something we expect to do often but having this power means we can act quickly and decisively.
"The use of this power will be a judgement based on the need to protect all market users, consumers and industry innovators alike from the type of products which will cause harm and might generate compensation costs.
The consultation will close on 04 February 2013.

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