(1) Not later than 3 months before the beginning of each financial year, or within such extended period as the Council may allow, the Financial Services Ombudsman shall arrange for -
(a) the preparation of a statement setting out estimates of the income and expenditure relating to the Bureau for that year, and
(b) submit the statement to the Council for approval.
(2) The statement must -
(a) specify the amounts expected to be collected and recovered during the financial year concerned from the imposition of levies and fees under section 57BE, and
(b) specify any other sources from which funds are expected to be obtained during that year to finance the Bureau's activities and the amounts expected to be raised from those sources, and
(c) specify the activities that the Bureau proposes to undertake during that year.
(3) Before submitting the statement to the Council for approval, the Financial Services Ombudsman shall provide it with particulars of the estimates referred to in subse