The Financial Services and Markets Act 2000 (Contribution to Costs of Special Resolution Regime) Regulations 2009

Appeal against the amount of recovery

9.—(1) If the scheme manager or the Treasury are dissatisfied with the determination notice, the Treasury or the scheme manager may require the independent valuer to reconsider his or her determination.

(2) The request must be made within 3 months of the date of the determination notice and must—

(a) set out the reasons for disputing the amount of recovery, and

(b) be in writing.

(3) Where the independent valuer is required to reconsider the determination made under regulation 8, he or she must give the Treasury and the scheme manger notice in writing of his or her revised determination (“the revised determination notice”).

(4) The revised determination notice must contain the information specified in regulation 8(7).

(5) If the Treasury or the scheme manager is dissatisfied with the revised determination notice, either may apply to the court.

(6) On receiving an application under paragraph (5), the court may require the independent valuer to redetermine his or her revised determination and may give directions, including directions as to costs (in Scotland, expenses).

(7) Where paragraph (6) applies, paragraphs (3), (4) and (8) will apply to any re-determination in accordance with a direction of the court.

(8) The scheme manager may publish the revised determination notice on the scheme’s website.