Early Market Engagement

Tender 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. Additional information: 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.