This section applies where a report is made by the F2 CMA under section 57 in respect of an approved regulator.

The Board must allow the approved regulator a period of 28 days beginning with the day on which the copy of the report is given to the approved regulator under section 57, or such longer period as the Board may specify in a particular case, to make representations to the Board about the F3CMA's report.

The Consumer Panel may give the Board such advice as the Consumer Panel thinks fit regarding the F3CMA's report.

Having considered any representations made under subsection (2) and any advice given under subsection (3), the Board must notify the F4CMA of the action (if any) it proposes to take in response to the report.