The Head of Financial Regulation must, as soon as practicable after completing an investigation, prepare a draft report having considered the notice under section 25A(1), any relevant information or evidence gathered or received in the course of the investigation, and any response made by the person in accordance with the statement referred to in section 25A(2)(c), together with any other relevant submissions. The Head must then serve on the person whose fitness and probity was the subject of the investigation, and any regulated financial service provider or holding company concerned, a copy of the draft report, a copy of this section, and a written notice stating that written submissions may be made within 7 days of service or such longer period as the Head considers necessary.

As soon as practicable after the end of that period the Head must consider any submissions, make any warranted revisions and finalise the report. The Head must not recommend or express any opinion in the draft or final report as to whether any prohibition should be imposed under section 43 if the Bank or the Governor forms the opinion referred to in subsection (1) of that section. After finalisation the Head must provide the final report and any submissions to the Bank and the Governor and serve them on the person under investigation and any regulated financial service provider or holding company concerned.