(1) Where the Bank is satisfied -

(a) that there have been widespread or regular relevant defaults by a regulated financial service provider, and

(b) that, in consequence of the relevant defaults, customers of the regulated financial service provider have suffered, are suffering or will suffer loss or damage,

the Bank may give the regulated financial service provider a direction requiring the making of appropriate redress to the customers.

(2) In subsection (1) "relevant default" means -

(a) charging a customer an amount which the regulated financial service provider is not entitled to charge,

(b) providing a customer with a financial service which the customer has not agreed to receive,

(c) providing a customer with a financial service which was not suitable for the customer at the time when it was provided,

(d) providing a customer with inaccurate information which influences the customer in making a decision about any financial service,