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Banking (Special Provisions) Act 2008


Section 9: Supplementary provision about compensation schemes etc

34.Subsection (1) provides that an order under section 5, 7 or 8(6) (provisions relating to compensation or consideration) may, in particular, make provision for:

  • the manner in which compensation is to be assessed;

  • the assessment to be made by an independent valuer appointed by the Treasury;

  • the procedure for the assessment of compensation;

  • enabling persons to apply to a tribunal to review the independent valuer’s compensation decisions (which may be the Financial Services and Markets Tribunal or any other tribunal appointed by the Treasury);

  • the remuneration and expenses of the valuer or of a tribunal appointed by the Treasury .

35.This ensures that an order under those sections will be able to deal with all aspects of the compensation and valuation procedure.

36.Subsection (2) provides that the order may require the valuer to value compensation on the basis of one or more of the following assumptions: that the deposit-taker is unable to continue as a going concern; that it is in administration; that it is being wound up.

37.The order may enable the tribunal, where appropriate, to send a matter back to the independent valuer for reconsideration, but it may not permit the tribunal to substitute its own decision for that of the valuer (subsection (6)).

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