(1) Before giving a direction under section 328(1), the [FCA] must publish a draft of the proposed direction.
(2) The draft must be accompanied by—
(a) a cost benefit analysis; and
(b) notice that representations about the proposed direction may be made to the [FCA] within a specified time.
(3) Before giving the proposed direction, the [FCA] must have regard to any representations made to it in accordance with subsection (2)(b).
(4) If the [FCA] gives the proposed direction it must publish an account, in general terms, of—
(a) the representations made to it in accordance with subsection (2)(b); and
(b) its response to them.
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