http://www.legislation.gov.uk/ukpga/2009/1/section/56Banking Act 2009An Act to make provision about banking.texttext/xmlenStatute Law Database2026-02-20Expert Participation2026-01-19 Banking Act 2009s. 4(8A) (8B)Financial Services Act 2012s. 96(3)Sch. 20s. 122(3)Banking Act 2009s. 8(2)(d) and wordFinancial Services Act 2012s. 96(4)(b)Sch. 20s. 122(3) Part 1Chapter 3 561The Treasury may by order provide for the payment by the Treasury of remuneration and allowances to—aindependent valuers,bstaff of independent valuers,cappointing persons, capersons mentioned in section 54(4)(b), anddmonitors.2An order—amust provide for the appointment by the Treasury of a person to monitor the operation of the arrangements for remuneration and allowances for independent valuers;bmay require, or enable a compensation scheme order, third party compensation order or bail-in compensation order to require, the monitor's approval before specified things may be done in the course of those arrangements;cmay include provision about records and accounts;dmay make provision about numbers of staff and the terms and conditions of their appointment (which may include provision requiring the approval of the Treasury or the monitor).3In subsection (1) a reference to the payment of allowances to a person includes a reference to the payment to or in respect of the person of sums by way of or in respect of pension.4Independent valuers (and their staff) are not liable for damages in respect of anything done in good faith for the purposes of or in connection with the functions of the office (subject to section 8 of the Human Rights Act 1998).5An order under this section—ashall be made by statutory instrument, andbshall be subject to annulment in pursuance of a resolution of either House of Parliament.6But subsection (5)(b) does not apply if the order is contained in a statutory instrument that contains an order to which section 62 applies.S. 56 in force at 21.2.2009 in so far as not already in force by S.I. 2009/296, arts. 2, 3, Sch. para. 1Pt. 1 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2S. 56(1)(ca) inserted (8.4.2010) by Financial Services Act 2010 (c. 28), ss. 21(4)(a), 26(1)(f)S. 56(6) inserted (8.4.2010) by Financial Services Act 2010 (c. 28), ss. 21(4)(b), 26(1)(f)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. 2Words in s. 56(2)(b) substituted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 6(6); S.I. 2014/3160, art. 2(1)(b)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