Lexis®Library update: According to the MoJ, the Lord Chancellor has reviewed the CFO rates of interest payable to clients and has stated that from 16 January 2023, the special account increases from 3.00% to 3.5% and the basic account increases from 2.25% to 2.625%.
The purposes of such changes, the MoJ has stated, is to ensure that the running costs of the CFO service can continue to be met and that an increased rate of interest payable to clients can be provided. These changes are in response to the Bank of England increases in the base rate on 15 December 2022.
Source: Increased interest rate on the Court Funds Office special and basic accounts
This content was first published by LNB News / Lexis®Library, a LexisNexis® company, on 16 January 2023 and is published with permission. Further information can be found at: www.lexisnexis.co.uk.
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