Court Funds Office Service - Preliminary Market Engagement Series

Description

The Court Funds Office (CFO) provides a banking and investment service for the civil courts in England and Wales, including the Court of Protection. The CFO exists to discharge the legal responsibilities of the Accountant General (AG). It is the AG’s responsibility to safeguard funds in court. The Administration of Justice Act 1982 (Primary) and Court Funds Rules 2011 (Secondary Legislation) provide for CFO’s statutory requirements. The Office of the Accountant General (OAG), part of the MoJ, provides oversight over the services provided by the CFO. The CFO service, under the instructions of the Court, allows for deposits to be lodged, paid out and to interact with the Lord Chancellor’s equity Investment product (Tracker Fund) provided by Legal & General for court clients {mainly Children and Court of Protection Clients (CoP)}. CFO also provides operational and back-office services for all said activities. Given the specific rules and regulations, the current service provided includes bespoke and manual requirements not ordinarily provided by a banking service provider. This procurement aims to deliver a solution that enables the complete digital transformation of the CFO service, providing clients with secure, web-based access to account information and processing, while removing legacy barriers to efficiency.