--- title: "Early Market Engagement" ocid: "ocds-b5fd17-d6abb5ba-46cc-4e70-a9ab-a7b4d50b5876" canonical_url: "https://d3tenders.com/contract/?ocid=ocds-b5fd17-d6abb5ba-46cc-4e70-a9ab-a7b4d50b5876" markdown_url: "https://d3tenders.com/contract/ocds-b5fd17-d6abb5ba-46cc-4e70-a9ab-a7b4d50b5876.md" json_url: "https://d3tenders.com/contract/ocds-b5fd17-d6abb5ba-46cc-4e70-a9ab-a7b4d50b5876.json" source: "Contracts Finder" current_stage: "Planning" buyer: "MINISTRY OF JUSTICE." published: "2020-01-20" --- # Early Market Engagement Buyer: MINISTRY OF JUSTICE. Current stage: Planning OCID: ocds-b5fd17-d6abb5ba-46cc-4e70-a9ab-a7b4d50b5876 [View canonical contract page](https://d3tenders.com/contract/?ocid=ocds-b5fd17-d6abb5ba-46cc-4e70-a9ab-a7b4d50b5876) [Download OCDS JSON](https://d3tenders.com/contract/ocds-b5fd17-d6abb5ba-46cc-4e70-a9ab-a7b4d50b5876.json) ## Summary 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. ## Notice 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. ## Key Details | Field | Value | | --- | --- | | Publication source | Contracts Finder | | Latest notice | https://www.contractsfinder.service.gov.uk/Notice/bea244f0-a919-4529-95a0-73ad230d72f1 | | 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 | | All stages | Planning | ## Dates | Field | Value | | --- | --- | | Publication date | 20 Jan 2020 | | Submission deadline | Not specified | | Future notice date | 20 Apr 2020 | | Award date | Not specified | | Contract period | Not specified | | Recurrence | Not specified | ## Values | Field | Value | | --- | --- | | Tender value | Not specified | | Lots value | Not specified | | Awards value | Not specified | | Contracts value | Not specified | ## Status | Field | Value | | --- | --- | | Tender status | Planning | | Lots status | Not specified | | Awards status | Not specified | | Contracts status | Not specified | ## Buyer | Field | Value | | --- | --- | | Main buyer | MINISTRY OF JUSTICE. | | Locality | LEEDS | | Post town | Leeds | | Postcode | LS1 4AP | | Country | England | | ITL 1 | TLE Yorkshire and The Humber | | ITL 2 | TLE4 West Yorkshire | | ITL 3 | TLE42 Leeds | | Local authority | Leeds | | Electoral ward | Hunslet & Riverside | | Westminster constituency | Leeds South | | Delivery location | Not specified | ## CPV Codes ### Divisions - 66 - Financial and insurance services ### Codes - 66000000 - Financial and insurance services ## Release History - 20 Jan 2020 at 13:31 - Planning - Market Engagement Notice - https://www.contractsfinder.service.gov.uk/Notice/bea244f0-a919-4529-95a0-73ad230d72f1 - 14 Jan 2020 at 11:09 - Planning - Market Engagement Notice - https://www.contractsfinder.service.gov.uk/Notice/bea244f0-a919-4529-95a0-73ad230d72f1 ## Documents - https://www.contractsfinder.service.gov.uk/Notice/bea244f0-a919-4529-95a0-73ad230d72f1 20th January 2020 - Early engagement notice on Contracts Finder - https://www.contractsfinder.service.gov.uk/Notice/Attachment/cf2461b4-48e0-49f4-aa89-b5682daacdfc n/a - https://www.justice.gov.uk/ General address of the contracting authority: - http://www.gov.uk/government/organisations/ministry-of-justice/about/procurement Address of the buyer profile: ## Provenance This Markdown file is an alternate public rendering of the D3 Tenders contract record. The canonical page is https://d3tenders.com/contract/?ocid=ocds-b5fd17-d6abb5ba-46cc-4e70-a9ab-a7b4d50b5876. The underlying structured data is available as OCDS JSON at https://d3tenders.com/contract/ocds-b5fd17-d6abb5ba-46cc-4e70-a9ab-a7b4d50b5876.json.