Glossary
Accountant General of the Supreme Court – this is the statutory title of a senior member of the Ministry of Justice. All equity investments are held in the name of the Accountant General on behalf of the client involved
Assets - money and or equity investments belonging to a person
Basic account – this is an account available for monies in court which are not invested for children or clients of the Court of Protection. It pays a lower rate of interest than the Special account
Beneficiary – the person who is entitled to the money held by the Court Funds Office
Client – the person or party to court proceedings whose money is held by the Court Funds Office
Common Investment Fund – This is an investment scheme managed by Legal and General on behalf of the DCA. The units held are know as the Equity Index Tracker Fund
Court - this is the court that dealt with the case. There are many courts throughout England and Wales and we deal with all of them. It will normally be the court closest to where you live
Court Order – this is the name for the ruling that the court makes. Only an order can instruct us to pay out money that we hold
Date of Majority – the child's 18th birthday
DCA - Department for Constitutional Affairs
Damages - a sum of money awarded to someone as a result of a civil legal action
Deputy – the individual appointed by the Court of Protection to make decisions on behalf of clients who lack capacity to manage their affairs
Equity Index Tracker Fund units – these units were formerly know as Capital Funds Units and are the name of the units of the Common Investment Fund scheme. They changed name on 1 September 2003. The new index tracker fund is managed by Legal & General. This is a low cost fund, which is only available for funds held in court and those managed by agencies of the Ministry of Justice. There is no initial fee or commission when buying or selling these units. The fund mainly tracks the main UK market, but also tracks overseas markets as well. This spreads the risks and allows it to benefit from a variety of stock markets
Form 203 – a form for Payment out of a child's fund
Fund held in Court - a sum of money / equity investments that are looked after by the Court Funds Office
Litigation Friend – this is the person who the court appoints to act on behalf of the child in court. It is usually a parent or guardian
Lodgment – this is the official name for a payment into the Court Funds Office
MoJ - Ministry of Justice
Public Guardianship Office– they act as the administrative section of the Court of Protection. They look after the financial affairs of people who are not mentally capable of doing so themselves.
Payment In / Lodgment - When a sum of money is paid into the Court Funds Office for us to hold
Payment Out - When a sum of money is paid from the Court Funds Office to a child / client
Receiver – this is the name of the person who has been appointed by the Court of Protection to manage the client's affairs.
Special Account – Children and Court of Protection clients who have money invested in court are entitled to have their money held in Special Accounts, which pay a higher rate of interest