(1) This section applies if, because of an investigation under section 445,
the regulator—
(a) is satisfied a circumstance mentioned in section 445(1)
exists for a relevant service provider; and
(b) is not satisfied adequate
measures to address the circumstance are in place.
(2) The regulator may
decide to give the provider a notice (an
"improvement notice" ), requiring the provider to make a plan (an
"improvement plan" ) about the following—
(a) how the provider intends to
address the recommendations from the investigation that need to be addressed
in the improvement plan;
(b) the funding options for addressing the
recommendations;
(c) the time frames for implementing the plan;
(d) the
requirements for reporting on the progress of implementing the plan.