BARCO

 BARCO homepage

The Bar's own escrow account.

Insured. Secure. Trustworthy.

Demand for barristers' advocacy and advisory services is growing all over the world. Domestic and international clients of all sizes, who regularly turn to the Bar directly, need a trustworthy and transparent vehicle to manage payment of their legal costs.

BARCO is a unique solution that makes it easier than ever before to work with the Bar, whilst maintaining the Bar's high quality and cost effective services.

What is BARCO?

BARCO is a third party company, owned and operated by the Bar Council, which manages the funds required to facilitate on-going legal services provided by lawyers in England and Wales.

Barristers are prohibited from handling client funds under Rule C73 of the Code of Conduct in the BSB Handbook. BARCO preserves this prohibition while still enabling the Bar to offer its services to those who require them.

How does BARCO's service work?

BARCO operates an escrow service to receive funds from clients, which are required in relation to on-going legal services for legal fees, alternative dispute resolution costs, disbursements and settlements.

All funds received by BARCO remain in pooled segregated bank accounts for the term of the legal services. Barclays Bank has been engaged by BARCO to provide a safe, segregated account. BARCO only accepts electronic payments.

What is an escrow service?

An escrow service is an arrangement made under contractual provisions between transacting parties whereby an independent trusted third party, in this case BARCO, receives and disburses money for the transacting parties, with the timing of such disbursements, dependent on the fulfilment of contractually-agreed conditions by the transacting parties.

Who regulates BARCO?

BARCO is regulated by the Financial Conduct Authority (FCA) and will comply with the regulatory obligations arising from the Payment Services Regulations 2012. BARCO remains subject to any approval process arising from the new Bar Standards Board (BSB) Handbook.

Please click here to read three perspectives on the benefits of using BARCO.

For general enquiries please email contact.us@barco.org.uk or telephone 020 7611 4680.

For press enquiries please email press@barcouncil.org.uk.

BARCO

Working with the Bar has never been easier.

 

Bar Services Company Limited, trading as BARCO, is registered with the Financial Conduct Authority (FCA) in the United Kingdom (Firm Reference Number [FRN]: 589580) to carry on payment services activities under the Payment Services Regulations 2009 (PSRs). It is also registered with HM Revenue and Customs under the Money Laundering Regulations (MLR), MLR Registration Number: 12697968.