C1C2Part 1Special Resolution Regime
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
F4Chapter 3 Special resolution action
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
Compensation
I2I154Independent valuerF3: compensation scheme order or bail-in compensation order
1
A compensation scheme order F1or 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 F2or 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).
Pt. 1 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2