After making a notification under regulation 4(1), the Treasury must make arrangements for an independent valuer to perform the function in regulation 8(1).

Where section 54 of the 2009 Act applies and the Treasury makes provision for the appointment of an independent valuer in a compensation scheme order, a resolution fund order or a third party compensation scheme order, the Treasury may specify that the independent valuer may perform the function in regulation 8(1).

Where the Treasury do not make the specification in paragraph (2), Part 1 of the Schedule to these Regulations shall apply.