Banking Act 2009

55 Independent valuer: supplemental U.K.

(1) An independent valuer may do anything necessary or desirable for the purposes of or in connection with the performance of the functions of the office.

(2) The Treasury may by order confer specific functions on independent valuers; in particular, the order may—

(a) enable an independent valuer to apply to a court or tribunal for an order requiring the provision of information or the giving of oral or written evidence;

(b) enable or require independent valuers to publish, disclose or withhold information.

(3) Provision under subsection (2) may—

(a) confer a discretion on independent valuers;

(b) confer jurisdiction on a court or tribunal;

(c) make provision about oaths, expenses and other procedural matters relating to the giving of evidence or the provision of information;

(d) create a criminal offence;

(e) make other provision about enforcement.

(4) An independent valuer may appoint staff.

(5) The Treasury may by order make provision about the procedure to be followed by independent valuers.

(6) The Treasury shall by order make provision for—

(a) reconsideration of a decision of an independent valuer, and

(b) appeal to a court or tribunal against a decision of an independent valuer.

(7) Independent valuers (and their staff) are neither servants nor agents of the Crown (and, in particular, are not civil servants).

(8) Records of an independent valuer are public records for the purposes of the Public Records Act 1958.

(9) An order under this section—

(a) shall be made by statutory instrument, and

(b) shall be subject to annulment in pursuance of a resolution of either House of Parliament.

[F1 (10) But subsection (9)(b) does not apply if the order is contained in a statutory instrument that contains an order to which section 62 applies.]

Textual Amendments

F1 S. 55(10) inserted (8.4.2010) by Financial Services Act 2010 (c. 28), ss. 21(3), 26(1)(f)

Commencement Information

I1 S. 55 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