Part 1

Special Resolution Regime
Chapter 3

Special resolution action

Compensation

Independent valuer: compensation scheme order or bail-in compensation order
54
1
A compensation scheme order or bail-in compensation order may provide for the amount of any compensation payable to be determined by a person appointed in accordance with the order (the “independent valuer”); and subsections (2) to (5) apply to an order which includes provision for an independent valuer.
2
An order must provide for the independent valuer to be appointed by a person appointed by the Treasury (“the appointing person”).
3
An order may either—
a
require the Treasury to make arrangements to identify a number of possible independent valuers, one of whom is to be selected by the appointing person, or
b
require the appointing person to make arrangements to select the independent valuer, having regard to any criteria specified in the order.
4
The independent valuer may be removed only—
a
on the grounds of incapacity or serious misconduct, and
b
by a person specified by the Treasury in accordance with the compensation scheme order or bail-in compensation order.
5
An order must include provision for resignation and replacement of the independent valuer (and subsections (2) and (3) apply to replacement as to the first appointment).
S. 54 in force at 21.2.2009 in so far as not already in force by S.I. 2009/296, arts. 2, 3, Sch. para. 1
Pt. 1 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2
S. 54 in force at 17.2.2009 for specified purposes by S.I. 2009/296, arts. 2, 3, Sch. para. 1
Pt. 1: power to amend conferred (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 17(3)(f), 148(5); S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2
Words in s. 54(1) inserted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 6(5)(a); S.I. 2014/3160, art. 2(1)(b)
Words in s. 54(4)(b) inserted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 6(5)(b); S.I. 2014/3160, art. 2(1)(b)
Words in s. 54 heading inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 65
Pt. 1 Ch. 3 formed from ss. 4-83 (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 7