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Act now to claim dormant funds

9 May 2024

The Ministry of Justice has published an urgent warning for anyone with unclaimed dormant funds held by the Courts Funds Office (CFO).

The Ministry of Justice has issued an urgent warning. It concerns anyone with unclaimed dormant funds in the Courts Funds Office (CFO). Recent legislative changes have altered the rules for such individuals or entities.

The new rules will apply from 1 June 2024. They state that the CFO will surrender any account that has been dormant for 30 years or more. This action will extinguish any future rights to claim the funds.

The CFO considers funds as dormant if they’ve been held for a long time with no account activity. Also, if the CFO can’t trace the intended beneficiary, they consider the funds as dormant.

Less than 1 month remains to claim funds dating back 30 years or more. In the future, the CFO will surrender any account that reaches 30 years of dormancy on the date it reaches this milestone.

The CFO holds funds for various reasons, including:

  • Damages awarded to children from civil legal action in a county court in England, Wales, or the High Court of Justice.
  • Assets of people who can’t manage their financial affairs and have a Court of Protection appointee.
  • Pending civil court action settlements, or on behalf of dissenting shareholders, widows, and other clients.

If you think this affects you, you can check the online database at https://find-unclaimed-court-money.service.justice.gov.uk/. You also have the option to contact the CFO directly.

Source: Ministry of Justice Mon, 06 May 2024 00:00:00 +0100

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