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.
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—
be prejudicial to the safety and soundness of PRA-authorised persons, or
in a case where section 2C applies, be prejudicial to securing the appropriate degree of protection for policyholders.
The provisions listed in subsection (4) do not apply if the regulator concerned considers that, making the appropriate comparison—
there will be no increase in costs, or
there will be an increase in costs but that increase will be of minimal significance.
Those provisions are—
subsections (2)(a) and (5)(a) of section 138I;
subsections (2)(a) and (5)(a) of section 138J.
The "appropriate comparison" means—
in relation to section 138I(2)(a) or 138J(2)(a), a comparison between the overall position if the rules are made and the overall position if the rules are not made;
in relation to section 138I(5)(a) or 138J(5)(a), a comparison between the overall position after the making of the rules and the overall position before they were made.