The management of the funds by the Supreme Court, via FIC, provides numerous tangible benefits to the clients themselves and the State of Victoria.

The benefits conferred on all clients

1. All payments from the Funds are made pursuant to an order of the Court, usually constituted by the Senior Master or the Judicial Registrar.  Orders are made after recommendations by a Client Services Officer taking into account the will and preference of clients and their families or carers.

2. Funds are pooled in Common Funds, and are collectively invested to increase investment yield and to diminish investment cost.

3. High level, professional fixed-interest and equities investment advice is received by the FIC at low cost (fixed-interest) and pro bono (equities).

4. The administration of all funds is scrutinised by the Senior Master’s Audit Committee and by FIC internal auditors, RSM, in conformity with the Senior Master’s Risk Profile and Management Plan, which is renewed each year.

5. All funds are audited annually by the Victorian Auditor General.

6. Legal advice and assistance is provided by the Solicitor to the Senior Master, in conformity with the instructions of the Senior Master, whenever required.

7. Taxation returns are lodged with the Australian Taxation Office each year in respect of all funds, with payments made to the Australian Taxation Office or to the Receiver of Revenue whenever required.

The benefits conferred on Victoria

1. Non-Award Funds paid into Court facilitate the resolution of disputes or abide the outcome of proceedings (security for costs, excess proceeds of mortgagee sales, commercial disputes).

2. VoCAT funds

The administration of such funds by the FIC ensures that victims of crime receive above-market returns for their funds and “full service” support from the FIC in accessing their funds.

Furthermore, FIC alleviates VoCAT from the need to administer thousands of files pertaining to completed matters, including the cost burden of such administration and additional staff requirements.

3. Medical negligence funds

The involvement of FIC ensures that parents and carers of severely disabled children do not have to bear the additional burden of ensuring that compensation funds provide adequately for all the needs of a client whilst also investing for anywhere up to 70 years.  Of course, it also protects clients from the possible misuse of their funds by others.