(1) A compensation scheme order or bail-in compensation order may specify principles ("valuation principles") to be applied in determining the amount of compensation.

(2) Valuation principles may, in particular, require an independent valuer -

(a) to apply, or not to apply, specified methods of valuation;

(b) to assess values or average values at specified dates or over specified periods;

(c) to take specified matters into account in a specified manner;

(d) not to take specified matters into account.

(3) In determining an amount of compensation (whether or not in accordance with valuation principles) an independent valuer must disregard actual or potential financial assistance provided by the Bank of England or the Treasury (disregarding ordinary market assistance offered by the Bank on its usual terms).

(4) Valuation principles may require or permit an independent valuer to make assumptions; such as, for example, that the bank -

(a) has had a permission under Part 4A of the Financial Services and Markets Act 2000 (regulated activities) varied or cancelled,