Financial and insurance services

Tender description

CICA (Criminal Injuries Compensation Authority) is an executive agency, sponsored by the MoJ (Ministry of Justice) whom are responsible for administering the Criminal Injuries Compensation scheme in England, Scotland and Wales (the Scheme). CICA make compensation awards to victims of a violent crime who have been physically or mentally injured. When awards are made to minors, the scheme enables CICA to retain the award money in an interest-bearing account until the beneficiary reaches their 18th birthday. The purpose of this action is to ensure that the victim will be the sole beneficiary of the award (including accrued interest) when they reach 18. Such retained awards will be held in an interest bearing account. Advance payments can be made on an ‘as needs’ basis against an agreed framework. The award monies are transferred mainly via BACs or cheques are issued as a back up. The tender process will appoint a bank who will be responsible and accountable for the administration and management of the provision of the retained awards. The provider will aid CICA in reconciling their accounts and provide updated customised reports daily. There is approximately 65 000 000 GBP awarded to 7 000+ minors with the rest in holding accounts waiting to be allocated.