Court Funds Office
Encyclopedia
The Court Funds Office (CFO) provides a banking and investment service for the courts throughout England
and Wales
, including the High Court
. It accounts for money being paid into and out of court and, as directed by the court, look after any investments made with that money. The Accountant General
of the Supreme Court
is responsible for the proper control of all money paid into court.
The Court Funds Office is also responsible for money held on behalf of clients who are deemed mentally incapacitated. Under the Mental Capacity Act 2005
, a Deputy (usually a relative) is appointed to look after their financial affairs and draw money from the CFO as and when necessary to ensure the continued care of the Protected Party.
Children who have been involved in an accident or obtained an award through civil litigation also have money held by the CFO. The money is invested in either a high paying interest account or part is invested on an interest account and part in to the Equity Index Tracker fund (on the stock market). The CFO hold on to the funds until the child reaches 18 years of age, when they can apply to have the money and investments paid to them.
The Court Funds Office also deals with a large unclaimed balance fund (£35m). This is where money has been paid into a CFO account and lain dormant for a period of 10 years. Money can be left through a case collapsing, companies going into liquidation during trial; the result of house repossessions (the bank makes more than the debt from the sale but can’t trace the original owner) and by the parties failing to progress or complete the action.
England
England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...
and Wales
Wales
Wales is a country that is part of the United Kingdom and the island of Great Britain, bordered by England to its east and the Atlantic Ocean and Irish Sea to its west. It has a population of three million, and a total area of 20,779 km²...
, including the High Court
High Court of Justice
The High Court of Justice is, together with the Court of Appeal and the Crown Court, one of the Senior Courts of England and Wales...
. It accounts for money being paid into and out of court and, as directed by the court, look after any investments made with that money. The Accountant General
Accountant General
The Accountant General or Accountant-General was formerly an officer in the English Court of Chancery who received all moneys lodged in court, deposited them in a bank, and disbursed them. The office was abolished by the Chancery Funds Act of 1872, with the duties transferred to the...
of the Supreme Court
Supreme Court of the United Kingdom
The Supreme Court of the United Kingdom is the supreme court in all matters under English law, Northern Ireland law and Scottish civil law. It is the court of last resort and highest appellate court in the United Kingdom; however the High Court of Justiciary remains the supreme court for criminal...
is responsible for the proper control of all money paid into court.
The Court Funds Office is also responsible for money held on behalf of clients who are deemed mentally incapacitated. Under the Mental Capacity Act 2005
Mental Capacity Act 2005
The Mental Capacity Act 2005 is an Act of the Parliament of the United Kingdom. Its primary purpose is to provide a legal framework for acting and making decisions on behalf of adults who lack the capacity to make particular decisions for themselves....
, a Deputy (usually a relative) is appointed to look after their financial affairs and draw money from the CFO as and when necessary to ensure the continued care of the Protected Party.
Children who have been involved in an accident or obtained an award through civil litigation also have money held by the CFO. The money is invested in either a high paying interest account or part is invested on an interest account and part in to the Equity Index Tracker fund (on the stock market). The CFO hold on to the funds until the child reaches 18 years of age, when they can apply to have the money and investments paid to them.
The Court Funds Office also deals with a large unclaimed balance fund (£35m). This is where money has been paid into a CFO account and lain dormant for a period of 10 years. Money can be left through a case collapsing, companies going into liquidation during trial; the result of house repossessions (the bank makes more than the debt from the sale but can’t trace the original owner) and by the parties failing to progress or complete the action.