This Order is made under the Banking Act 2009 (c. 1) (“the Act”).

This Order makes provision in relation to the independent valuer appointed in accordance with article 5(2) of the Dunfermline Building Society Compensation Scheme, Resolution Fund and Third Party Compensation Order 2009 (S.I. 2009/1800) (“the Dunfermline Compensation Order”).

The Dunfermline Compensation Order requires the independent valuer to assess the compensation, if any, payable to third parties affected by the application of section 38(6) of the Act6 (by virtue of paragraph 6 of the Dunfermline Building Society Property Transfer Instrument 20097), and to pre-transfer creditors of Dunfermline Building Society8. The Dunfermline Compensation Order also requires the independent valuer to make assessments in relation to the Dunfermline Resolution Account9 (established in accordance with article 6 of that Order) and the Financial Services Compensation Scheme10.

This Order makes various provisions in connection with the independent valuer.

Articles 3 and 4 make provision for the remuneration of, and payment of allowances to, the panel appointed in accordance with article 5(1)(b) of the Dunfermline Compensation Order, the independent valuer, and the person appointed in accordance with article 3(2) of this Order to monitor the operation of the arrangements for the remuneration and payment of allowances to the independent valuer.

Article 5 makes provision for the arrangements for the remuneration of, and payment of allowances to, any staff appointed by the independent valuer in exercise of the power conferred by section 55(4) of the Act.

Article 6 makes provision for the independent valuer’s records and accounts.

Article 8 makes provision for the making of rules as to the procedure to be adopted by the independent valuer.

Article 9 provides that the independent valuer may apply to the court to require a person to supply information relevant to the independent valuer’s functions under article 4(a) or (c) of the Dunfermline Compensation Order.

Article 10 provides that a person who supplies information to an independent valuer is not, by reason only of the provision of information to the independent valuer, liable in any proceedings relating to breach of an obligation of confidence.

Article 11 makes provision for the disclosure of information by the independent valuer.

Article 12 provides that a person affected by the determination of the independent valuer set out in an assessment notice issued under paragraph 4 or 10 of Schedule 2 to the Dunfermline Compensation Order may require the independent valuer to reconsider his or her determination and to produce a revised assessment notice.

Article 13 provides that a person affected by the determination of the independent valuer set out in a revised assessment notice may refer the mater to the Financial Services and Markets Tribunal (“the Tribunal”)11.

Articles 14 to 27 provide that Part 9 of, and Schedule 13 to, the Financial Services and Markets Act 2000 (c. 8) and the Financial Services and Markets Tribunal Rules 2001 (S.I. 2001/2476) apply to a reference to the Tribunal made under article 13, subject to the modifications set out in those articles. In particular, new functions are conferred on the President of the Tribunal (appointed from one of the members of chairman in accordance with paragraph 2(1) of Schedule 13 to the Financial Services and Markets Act 2000).