The Dunfermline Building Society Compensation Scheme, Resolution Fund and Third Party Compensation Order 2009

PART 3 Independent valuer

Functions of the independent valuer

4.  An independent valuer must be appointed to perform the functions specified in—

(a) article 9 (third party compensation);

(b) article 11 (assessment of recoveries by the Financial Services Compensation Scheme);

(c) paragraph 7 of Schedule 1 (certification of costs of the Bank of England or the Treasury to be deducted from the Dunfermline Resolution Account).

Appointment of the independent valuer

5.—(1) The Treasury must—

(a) make arrangements to identify candidates for the office of independent valuer and must publish the details of those arrangements on their website(1);

(b) make arrangements for a panel to appoint the independent valuer (“the Appointment Panel”).

(2) The Appointment Panel shall have the function of selecting and appointing an independent valuer from a list of the candidates identified by the Treasury in accordance with paragraph (1)(a).

(3) The Treasury must ensure that the Appointment Panel comprises no fewer than four members, of which—

(a) one member is the Chief Executive of the Institute of Chartered Accountants in England and Wales, who must be the chair of the Appointment Panel; and

(b) one member is a representative of the Treasury, who shall be a non-voting member of the Appointment Panel.

(4) The independent valuer is to hold and vacate office in accordance with the terms of his or her appointment.

(5) The independent valuer may be removed from office only—

(a) by the Appointment Panel, excluding the member who is a representative of the Treasury, and

(b) on the grounds of incapacity or serious misconduct.

(6) In the event of the death of the independent valuer, or if the independent valuer is removed from office or resigns, a new independent valuer must be appointed.

(7) In the event that a member of the Appointment Panel is unable to sit on the Appointment Panel to perform the function in paragraph (5), the Treasury must appoint another member to replace that member of the first Appointment Panel.

(8) The provisions of this Order apply to the replacement of the independent valuer as to the first independent valuer appointed.

(1)

The website is available at the following address: www.hm-treasury.gov.uk.