10

Cost benefit analysis” means—

a

an analysis of the costs together with an analysis of the benefits that will arise—

i

if the proposed direction is given, or

ii

if subsection (5)(b) applies, from the direction that has been given, and

b

subject to subsection (10A), an estimate of those costs and of those benefits.

10A

If, in the opinion of the FCA—

a

the costs or benefits referred to in subsection (10) cannot reasonably be estimated, or

b

it is not reasonably practicable to produce an estimate,

the cost benefit analysis need not estimate them, but must include a statement of the FCA's opinion and an explanation of it.