(1) The Consumer Director shall, not later than 2 months after the end of a financial year -
(a) prepare an annual report specifying the activities of that Director during that year, and
(b) submit the report to the Regulatory Authority.
(2) An annual report must be in such form and deal with such matters as the Chief Executive has notified to the Consumer Director after consulting the Regulatory Authority.
(3) In particular, an annual report must include information specifying -
(a) how far the Consumer Director has promoted the interests of consumers of relevant financial services during the financial year concerned, and
(b) what steps have been taken by the Regulatory Authority to increase the awareness of consumers of relevant financial services of the cost to consumers, risks and benefits involved in using those services, and
(c) the extent to which competition exists among providers of those services in so far as it affects consumers of those services, and
(d) developments