(1)The OLC must prepare a report (“the annual report”) for each financial year.
(2)The annual report must deal with—
(a)the discharge of the functions of the OLC,
(b)the extent to which, in the OLC's opinion, the OLC has met the regulatory objectives, and
(c)such other matters as the Board may from time to time direct.
(3)The OLC must include in the annual report a copy of the report prepared by the Chief Ombudsman under section 123 for the financial year in question.
(4)As soon as reasonably practicable after the end of each financial year, the OLC must give the Board a copy of the annual report prepared for that year.
(5)The Board must give a copy of the annual report to the Lord Chancellor.
(6)The Lord Chancellor must lay a copy of the annual report before Parliament.
(7)In this section “financial year” means—
(a)the period beginning with the day on which the OLC is established and ending with the next following 31 March, and
(b)each successive period of 12 months.