FAQs

01. Who is the independent valuer?

My name is Ian Burns and I am a director of accountants Smith & Williamson, where I am UK Head of Transaction Services and Valuations. I have over thirty years' experience in valuations and transaction support work.

02. What is the independent valuer’s role?

An overview of my functions as independent valuer is provided in the Downloads section of this website. My job as independent valuer includes the task of assessing the amount of compensation, if any, payable to persons whose rights have been affected by the Transfer Order.

03. How was the independent valuer appointed?

HM Treasury invited applications for the role of independent valuer last year and an appointment panel carried out a competitive selection process. The application document is available via the Downloads section of this website.

04. When was the independent valuer appointed?

My appointment runs from 4 January 2010.

05. Who is Smith & Williamson?

Smith & Williamson is an independent professional and financial services group employing around 1,500 people. The group is a leading provider of investment management, financial advisory and accountancy services to private clients, professional practices and mid-to-large corporates. Smith & Williamson operates from offices in London, Belfast, Birmingham, Bristol, Dublin, Glasgow, Guildford, Salisbury, Southampton and Worcester.

06. Who is paying the independent valuer's fees and will this affect the level of compensation?

My fees will be paid by HM Treasury and will have no effect on the outcome or likely level of compensation. Although HM Treasury pays my fees, I have been appointed under statute and I am required to be impartial in my determination. I understand that HM Treasury will seek to recover such fees as well as the other costs and expenses of the valuation process from the Financial Services Compensation Scheme.

07. Does the valuation process for the Dunfermline Building Society differ from that undertaken in respect of Bradford & Bingley and Northern Rock?

Yes. The Dunfermline Building Society valuation is the first such valuation to be conducted under the Special Resolution Regime created by the Banking Act 2009. The Dunfermline Building Society valuation is therefore being conducted within an entirely different legislative framework from that of Northern Rock or Bradford & Bingley. Links to the relevant legislation applicable to the Dunfermline Building Society valuation process can be found in the Links section of this website. Moreover, this is the first valuation of a building society. Bradford & Bingley and Northern Rock were shareholder owned listed companies.

08. Who can I speak to if I have questions on the appointment process?

This is a matter for HM Treasury. Enquiries should be addressed to the Treasury Correspondence and Enquiry Unit on 020 7270 4558 or by email to public.enquiries@hm-treasury.gov.uk.

09. What is currently happening in the valuation process?

I am currently gathering information regarding Dunfermline Building Society and I have been meeting with representatives of HM Treasury, the Bank of England and KPMG (the administrator of Dunfermline Building Society) among others. I will be analysing this information in order to carry out my functions as Independent Valuer.

10. How will I be kept up to date about the valuation process?

I will maintain this website and ensure that the FAQ section is regularly updated with my responses to the most common enquiries that I receive.  I also expect to publish notices in certain newspapers in Scotland and England.

11. Will you be writing to me regarding the process?

At this stage, my intention is to communicate by a number of means.

This website will contain copies of all general communications to pre transfer creditors and affected persons and it will also contain other information regarding the valuation process. I also expect to publish notices in certain newspapers in Scotland and England.

I may conclude that, in some cases, it is appropriate to communicate directly in writing with certain pre-transfer creditors or affected persons. However, at this stage, I do not envisage writing to pre-transfer creditors or affected persons individually.

If you wish to contact me in relation to the valuation process or because you believe you have been affected by the Transfer Order, you can do so at the address included in the Contact section.

12. What is the connection between the valuation process and the administration?

There is no connection. The administration of Dunfermline Building Society is an entirely separate process from the valuation. KPMG have been appointed as administrators to wind down Dunfermline Building Society's remaining operations in a building society special administration. More information on this can be found on the KPMG administrator’s website.

13. I believe that I have been affected by the Transfer Order. How do I make a representation?

Please write to me explaining how you have been affected at the address included in the Contact section. Please include copies of contract documents or other evidence that shows that you have been affected.

14. I was a Member of the Dunfermline Building Society. How does the valuation process affect me?

The rights of members of Dunfermline Building Society will be considered along with other pre-transfer creditors of Dunfermline Building Society and compensation due to such members, if any, will be assessed on the basis of the Compensation Order. Further information on the provisions of the Compensation Order can be found in the Links section of this website.

15. I had an account/mortgage with the Dunfermline Building Society, but it has been transferred to the Nationwide Building Society. How does the valuation process affect me?

My role is to determine the compensation, if any, payable to persons whose rights have been affected by the Transfer Order. If you believe that you have been affected by the transfer of your account/mortgage to the Nationwide Building Society, then you can write to me explaining how you believe you have been affected at the address included in the Contact section.