The Court Funds Office functions as the banking service for the courts in England and Wales. The CFO accounts for money paid into and out of court and looks after any investments made with it.
As a rule, the CFO invests the money into high paying interest accounts. They hold on to the funds until the child turns 18 years of age. At that point, the adult can apply for access to the money and investments.
The UK CFO provides a banking and an investment service for the courts system. The same services also include that of the High Court.
One of the main tasks for the office is handling the assets of individuals. It functions for people who cannot be identified or for those who are not capable of managing their own financial affairs.
So, monies held on behalf of clients deemed mentally incapacitated also fall under the responsibility of the Court Funds Office.
The Accountant General of the Supreme Court has the responsibility of controlling money paid into court. Their office oversees transactions going into, and out of, the courts.
The legislation for these processes stem from the Mental Capacity Act 2005. It allows a deputy with authority to manage someone else's financial affairs.
Thus, court-appointed deputies can withdraw money from a CFO account. But, it must be deemed necessary and in the best interests of the protected person.
Children involved in accidents may have money held by the Court Funds Office. The same process often applies to compensation payment awards obtained through civil litigation.
You can contact the Court Funds Office to enquire about a child's court settlement account or a payment you made. They also deal with complaints about their services.
The process of managing money in Court Funds Office accounts is a responsibility for deputies. Discover how deposits, withdrawals, and investments work and how to close an account.
If you can manage your own finances you can get your money from the Court Funds Office account. Find out how to get court funds money if you recover mental capacity.
You can access money in your Court Funds Office account once you reach 18. Find out what will happen to your court funds money after turning 18 years old.
Processes and Functions of the Court Funds office in United Kingdom
