The Bar's own escrow account.
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
Barristers are prohibited from handling client funds
under Rule 407 of the Bar's Code of Conduct. 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.
For general enquiries please email firstname.lastname@example.org
or telephone 020 7611 4680.
For press enquiries please email email@example.com.
Working with the Bar has never been
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