Published date: 14 January 2020

Last edited date: 20 January 2020

Closed early engagement


Closing date: 20 April 2020

Contract summary

Industry

  • Financial and insurance services - 66000000

Location of contract

Any region

Procurement reference

tender_229874/828433

Published date

14 January 2020

Closing date

20 April 2020

Contract is suitable for SMEs?

No

Contract is suitable for VCSEs?

No

Description

The Criminal Injuries Compensation Authority (the CICA) administers the Criminal Injuries Compensation Scheme 2012 (the Scheme) throughout England, Scotland and Wales. The CICA is an Executive Agency of the Ministry of Justice which pays compensation to eligible applicants who have been the victim of a violent crime. Awards are determined by a tariff, with fixed compensation for each type of injury

The CICA has discretion to make arrangements for the retention and administration of any money awarded as compensation to applicants aged under the age of 18 years at the time of award. The funds retained by the CICA in furtherance of this policy are referred to in this invitation to tender as 'Retained Awards'. Currently the value of Retained Awards is circa 80 million pounds sterling.

The purpose of this invitation is to seek what interest there is from banks who meet the CICA's criteria in respect of financial standing to hold such awards in an interest bearing bank account on deposit until they are paid to the recipient.

At this stage The MoJ are just looking for an expression of interest. Please email your contact details to show your interest.

More information

Attachments

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Additional text

The contract requires the supplier to provide to the CICA:
- A web-based interest bearing bank account where awards can be deposited
- A contractual interest arrangement to be agreed on an annual basis
- Administrative functions for the Retained Awards supplying management information to the CICA on a regular basis
- Provide to the CICA information to assist with audit requirements.

About the buyer

Contact name

Kate Rogers

Address

5 Wellington Place
Leeds
LS1 4AP
England

Telephone

07889409919

Email

Kate.rogers1@justice.gov.uk