[404 Consumer redress schemes]
[404 Consumer redress schemes]

[(1)     This section applies if—

(a)     it appears to the [FCA] that there may have been a widespread or regular failure by relevant firms to comply with requirements applicable to the carrying on by them of any activity;

(b)     it appears to it that, as a result, consumers have suffered (or may suffer) loss or damage in respect of which, if they brought legal proceedings, a remedy or relief would be available in the proceedings; and