Children's Accounts
The CFO manages the child's money according to the directions of the court. The way CFO manage money depends on a number of factors:
- size of award
- length of time until the child reaches 18
- the investment policy set by the Judge
CFO will manage a child's money in one of three ways:
- the money will be placed on the special account, paying a variable rate of interest
- the money will be split beween the special account and the MoJ's EITF
- where for religious reasons, the client does not want the fund held in the special account, the money will be held on a cash account which receives no interest.
The CFO is committed to providing an efficient and effective service to our customers. In order to achieve this we use Key Performance Indicators (KPIs) to assess our performance and ensure that the service we provide is constantly measured and our objectives met.
Our targets
we aim to do...
- 95% of payments within 5 days (of receipt of Form 200, Form 203)
- 95% of Children's accounts set up within 10 days (upon receipt of Form 212)
- 95% of correspondence processed within 5 days of receipt
- 95% complaints replied to within 5 days of receipt
- 100% of beneficiaries sent a Form 203 or Form 609 within 15 days of majority report, to obtain payment out of their award upon reaching 18 completed within 15 days (203/609)
Payments
Payments are made by cheque directly to your bank or building society. Payments can take between 2 - 5 weeks to clear. Please contact the relevant bank or building society for information on their cheque clearing times.