Planning

Early Market Engagement

MINISTRY OF JUSTICE.

This public procurement record has 2 releases in its history.

Planning

20 Jan 2020 at 13:31

Market Engagement Notice
Planning

14 Jan 2020 at 11:09

Market Engagement Notice
Summary of the contracting process

The Ministry of Justice is currently in the planning stage of an early market engagement process titled "Early Market Engagement" related to financial and insurance services. This initiative pertains to the Criminal Injuries Compensation Authority (CICA), which administers the Criminal Injuries Compensation Scheme across England, Scotland, and Wales. The crucial engagement deadline is set for 20 April 2020, where interested parties are encouraged to express their interest via email. The CICA requires a bank that can manage retained awards, valued at approximately £80 million, by providing a web-based, interest-bearing bank account for deposited funds.

This tender offers significant opportunities for banks or financial institutions with the capability to oversee substantial funds and meet specific financial criteria set by the CICA. Those with experience in administering financial accounts and providing administrative services would be particularly well-suited to compete for this contract, which aims to enhance the management of compensation funds intended for victims of violent crimes.

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Notice Information

Notice Title

Early Market Engagement

Notice 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.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-d6abb5ba-46cc-4e70-a9ab-a7b4d50b5876
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/bea244f0-a919-4529-95a0-73ad230d72f1
Current Stage
Planning
All Stages
Planning

Procurement Classification

Notice Type
Market Engagement Notice
Procurement Type
Standard
Procurement Category
Not specified
Procurement Method
Not Specified
Procurement Method Details
Not specified
Tender Suitability
Not specified
Awardee Scale
Not specified

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

CPV Codes

66000000 - Financial and insurance services

Notice Value(s)

Tender Value
Not specified
Lots Value
Not specified
Awards Value
Not specified
Contracts Value
Not specified

Notice Dates

Publication Date
20 Jan 20206 years ago
Submission Deadline
Not specified
Future Notice Date
20 Apr 2020Expired
Award Date
Not specified
Contract Period
Not specified - Not specified
Recurrence
Not specified

Notice Status

Tender Status
Planning
Lots Status
Not Specified
Awards Status
Not Specified
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
MINISTRY OF JUSTICE.
Contact Name
Kate Rogers
Contact Email
kate.rogers1@justice.gov.uk
Contact Phone
07889409919

Buyer Location

Locality
LEEDS
Postcode
LS1 4AP
Post Town
Leeds
Country
England
Major Region (ITL 1)
TLE Yorkshire and The Humber
Basic Region (ITL 2)
TLE4 West Yorkshire
Small Region (ITL 3)
TLE42 Leeds
Delivery Location
Not specified
Local Authority
Leeds
Electoral Ward
Hunslet & Riverside
Westminster Constituency
Leeds South

Further Information

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

Download

The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts. 

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