One role of a property and affairs deputy is to manage a Court Funds Office account. They do so on behalf of the person they make decisions for.

In this case, you must have authorisation from the Court of Protection to look after someone else’s money.

Unless you already have it, you must apply on behalf of the person you are acting as a deputy, to:

• Open a Court Funds Office account for the protected person.
• Manage an account already opened for them by court order (e.g. money received as settlement in a court case).

Note: The person would then have a special account opened for them with the Court Funds Office. The court order that appointed you as someone else’s deputy informs you of your tasks and obligations.

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Account Limits and Responsibilities

The CFO account does not belong to the deputy. In fact it belongs to the subject of the deputyship. Even so, the deputy is the only person who can manage the account for them.

You will have certain limits on what you can and cannot do with an account. The court order that appointed you as a deputy will confirm the limits and your responsibilities.

Note:Failing to keep to the responsibilities of a deputy when managing the account can result in a fine and prison.

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Applying for a Court Funds Office Account

You can contact the Court Funds Office if the Court of Protection appointed you as a property and affairs deputy. Having authorised deputyship means you can apply to open or manage a Court Funds Office account.

A successful application means you can make withdrawals from the bank account. In effect, you will be running it on behalf of the person whose affairs you are managing.

1. Deputies managing Court Funds office accounts need the date of the court order and the case number.
2. Use Form CFO A to apply for authority to make account withdrawals. Fill in the bank account details and select the box titled ‘New details’.
3. If you choose to attach a copy of the bank statement it cannot be more than three (3) months old. A letter from the bank is alternative method to confirm the account details.
4. Use Form CFO L when applying and paying money into the account at the same time. Attach a cheque and have it made payable to the ‘Accountant General of the Senior Courts’.
5. Send a copy of the original court order that appointed you as deputy with the forms and attachments. It must have an official seal and you will find the address written on the forms.

Note: The Court Funds Office will confirm by letter when you are set up to manage the account (usually within five working days). They will return your form if they cannot process the application (with extra instructions).

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How to Manage a Court Funds Office Account

If a Court Funds Office account holder has a deputy the CFO refer to it as a ‘special account’. It may be important when you receive statements about the account.

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Court Funds Office Account Investments

Deputies who manage a Court Funds Office account can use the money to invest in the stock market, if:

• The account holder has at least £10,000 available for investment.
• They are likely to hold on to the money for at least five (5) years.

The Court Funds Office has information for deputies of special accounts. They make stock market investments in companies using the Equity Tracker Index Fund.

Note: Write to the Court Funds Office if you want to invest a sum of money telling them how much you want to invest in the ETIF.

Tax Deductions on Investments

HMRC will deduct tax from dividends in this kind of investment. But, there may be more income tax to pay on the interest or the dividends from these investments.

In some cases, there may be liabilities for paying Capital Gains Tax. For example, after selling the investments for a difference in value higher than their allowance.

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Depositing Money into a Court Funds Account

Once you get authorisation to manage the account you can start paying money into it. You will need to:

1. Use the details on the court order. You will need the date of the order and the case number.
2. Fill in the ‘request for deposit’ form CFO L (see above).
3. Issue a cheque for the amount you want to pay in (made payable to the ‘Accountant General of the Senior Courts’).
4. Attach a copy of the original court order that appointed you as deputy with the forms and attachments. It must have an official seal and you will find the address written on the forms.

Note: The Court Funds Office will confirm they processed a deposit payment by letter (usually within five working days). They will return your form if they cannot process the deposit (with extra instructions).

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Withdrawals from a Court Funds Account

You will be able to set up regular withdrawals or a one-off withdrawal. But, you may need a court order to make certain payments to other bank accounts (e.g. to the account of a solicitor to pay fees). The Court of Protection issues this type of court order.

The Court of Protection sets limits on certain types of withdrawals from Court Funds Office accounts.

Setting Up Payments

Check the details on the court order that appointed you as someone’s deputy. You need some of this information to fill in:

• Form CFO P (for making a one-off payment to your bank account).
• Form CFO R (for setting up or changing a regular payment to your bank account).
• Form CFO 205 (for making a one-off payment to another bank account).

You will need to fill in form CFO A if there is a change in your bank account details (see above). Select the box titled ‘amending details’ and attach (either):

• A copy of a bank statement (not more than three (3) months old).
• A letter from your bank that confirms your new bank account details.

Note: Send forms by postal methods to the address written on the forms. The Court Funds Office will send a letter as confirmation within five (5) working days.

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Stop Managing an Account (or close it)

It is possible for a new deputy to take over the management of a Court Funds Office account (e.g. if you stop or you die). But, you cannot hand over the management of the account.

The Court of Protection would need to appoint a new deputy. The new deputy would then need to follow the same process of applying to manage the account.

If You Stop Being a Deputy

You should inform the Court Funds Office in writing if you end the deputyship. Send a copy of the same letter to the Court of Protection and to the Office of the Public Guardian.

Closing a Court Funds Office Account

As a rule, it is not possible to close a Court Funds Office yourself (e.g. moving the money into another account). An exception applies if you have a court order authorising you to complete this process.

It would not be uncommon for the person that you are deputy for to die. In this case, the person dealing with the estate can apply to have the money in the account paid out. The CFO would then close the account.

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If the Protected Person Dies

Write to inform the Court Funds Office if the person you are deputy for dies. Send them a certified copy of the death certificate (if possible). The other information needed will depend on:

• Who deals with the deceased person’s estate.
• Whether they left a will or not.

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