There are several ways to get access to the money held in your court funds account. The first step is for the Court of Protection to determine that you made a recovery.
They need to decide your mental capacity has recovered and you are able to manage your finances. If it happens, the Court of Protection will either:
- Send you a court order and a payment direction to the Court Funds Office. As a rule, they will then transfer the money to your bank account within five (5) working days.
- Tell you to apply in writing to access the money held in your account.
If You Need to Apply in Writing
If the Court of Protection tells you to apply in writing you will need to send:
- A sealed copy of the Court of Protection order.
- Form CFO 205 to access a Court Funds Office account. Fill it in and sign it if you have recovered and can now manage your own money.
- A copy of a bank statement dated within the last three (3) months (or a letter from your bank). This is how you confirm your account details.
Fill in the requested information and then send the completed form along with any supporting documents to:
Court Funds Office
Note: You can also choose to have the money paid into someone else’s bank account. You must send a copy of a bank statement dated within 3 months (or a letter from their bank) to confirm their details.
Investments Held in Your CFO Account
There is a specific form to sell or transfer securities for a Court of Protection client. Use Form CFO SST1 to inform the Court Funds Office what to do with any investments they are holding on your behalf.
Note: Transferring investments, or money realised from their sale, can take longer than five (5) working days to process. You can contact the Court Funds Office for further information.
After Transferring the Money
The Court Funds Office will close the account once the money gets transferred. The CFO will send you a statement that confirms the details of all final payments. You should get it within five days of closing your account.
ALSO IN THIS SECTION
Court Funds Money When You Turn 18 | What happens to your CFO account after your 18th birthday.
Managing Court Funds Office Accounts | Check out how deposits, withdrawals, and investments work.