ID 4973874 - DoJ - NICTS - Independent Investment Advisory Service for Court Funds Office

Concepts

• belfast
• finance and insurance
• investment banking
• finance services
• independent members
• investment recommendations
• professional investment management services
• court funds office
• court control
• cfo and processing investment transactions

Location

Client locations within Northern Ireland as required

Description

The Northern Ireland Court Funds Office (CFO) is an office within the Northern Ireland Courts and Tribunals Service (NICTS), an Agency of the Department of Justice (DOJ). The function of CFO is to administer and manage funds which are brought under court control for a variety of reasons. These include: • where money is awarded to a minor in a civil action; • where a person (a patient) is deemed to be incapable of managing their financial affairs because of mental incapacity; • where monies are lodged in satisfaction or against costs as a token of intention to proceed with litigation. CFO appoints an Investment Manager (the Manager) to provide professional investment management services in relation to the investment of these funds. The service includes making investment recommendations for a client’s funds according to the circumstances of the case, operating a sponsored CREST membership for CFO and processing investment transactions as directed. This service is an advisory service only, as funds can only be invested on the direction of the court. Currently, the role of CFO is overseen by the Court Funds Judicial Liaison Group (JLG), which comprises the Accountant General, members of the judiciary and independent members. The purpose and scope of the contract is to ensure that the quality of advice provided by the Manager is adequately assessed and investment recommendations made in respect of CFO clients are robustly challenged. Please refer to the document entitled ID 4973874 Specification for further information.

Award Detail

Renewal Options

Initial period - 5 yearsOne extension option of 2 years

Award Criteria

CPV Codes

• 66000000 - Financial and insurance services
• 66140000 - Portfolio management services
• 66120000 - Investment banking services and related services
• 66150000 - Financial markets administration services
• 66160000 - Trust and custody services
• 66170000 - Financial consultancy, financial transaction processing and clearing-house services
• 66152000 - Financial market regulatory services

Indicators

• Options are available.

Other Information

Please note that information relating to contractors engaged by the Northern Ireland Department of Justice, and associated bodies, is not published in any publicly accessible forum or publication. This is to protect such contractors, whose security and safety could be threatened by dissident terrorist organisations still active in Northern Ireland if their details became known. This is consistent with Regulation 50(6)(a).. . The contract values listed are broad estimates only and include additional quantum for unforeseen demand and to futureproof for additional potential. There is no guarantee of any level of business under this contract. The estimate is not deemed to be a condition of contract nor a guarantee of minimum demand or uptake. No compensation will be payable to a contractor should the actual demand be less than that stated. . . Contract Monitoring: The successful contractors' performance on this contract will be managed as per specification and regularly monitored. Contractors not delivering on contract requirements is a serious matter. It means the public purse is not getting what it is paying for. If a contractor fails to reach satisfactory levels of contract performance they will be given a specified time to improve. If, after the specified. time, they still fail to reach satisfactory levels of contract performance, the matter will be escalated to senior management in Construction and Procurement Delivery for further action. If this occurs and their performance still does not improve to satisfactory levels within the specified period, it may be regarded as an act of grave professional misconduct and they may be issued with a notice of written warning and notice of unsatisfactory performance and this contract may be terminated. The issue of a notice of written warning and notice of unsatisfactory performance will result in the contractor being excluded from all procurement competitions being undertaken by Centres of Procurement Expertise on behalf of bodies covered by the Northern Ireland Procurement Policy for a period of up to 3 years. from the date of issue of the notice.. . This project will be used to progress the Government’s. wider social, economic and environmental objectives.