The funds are currently managed by the Court Funds Office (CFO) on behalf of individuals who need support to manage their financial assets.

The CFO is part of the Northern Ireland Courts and Tribunals Service (NICTS) and provides a fund management service to approximately 13,000 people. The funds held by the CFO are invested on the direction of the court in accordance with the Court Funds Rules.

The consultation will seek views on current arrangements for the management of financial assets.

Peter Luney, chief executive of NICTS, said: “There has been major change in the financial services sector since the legislation which governs how the CFO operates was enacted 40 years ago. We want to ensure that the support offered by the CFO is the best fit for the twenty-first century and best meets clients’ needs.

“We wish to invite views on whether there is a better way to assist the individuals who need support in financial matters or indeed whether the current arrangements for managing funds in court remain appropriate.”

The consultation document sets out details of the current arrangements and reasons for considering change, including an overview of Court Funds Office; an explanation of the approaches taken outside Northern Ireland; and options for the future management of funds in court.

The consultation will run for 12 weeks and close on 8 May 2019.