BARCO - for barristers
The Bar's own escrow account.
BARCO has produced a guidance leaflet for
barristers which provides necessary information about
appointing and using the service. Many of the key points are
summarised below and the leaflet is available to download here.
To contact BARCO please call + 44 (0) 20 76114680 or email
What does BARCO mean for me and my
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. It provides UK and
international clients with a trustworthy and transparent vehicle to
manage their legal costs; providing increased flexibility and
adaptability for the Bar.
Who pays to use BARCO?
Normally, only the barrister. The exceptions are if a client
decides to fund the provision of legal services with a credit or
debit card (they will be charged approximately 2% of the value
of the funds transferred) or if either party closes the account
earlier than agreed.
BARCO works with Currencies Direct
to enable international clients to pay into BARCO in their own
currency. Currencies Direct converts the client's local currency
into GBP at prevailing exchange rates and uses this payment
directly to fund the specified BARCO account.
For further information email email@example.com
or call 0207 847 9229.
All interest earned whilst funds are in the BARCO account is
passed on to the client.
on interest can be found in the Guidance leaflet available to
BARCO has procedures and controls in place which are designed to
forestall and prevent money laundering. BARCO will ask you to
identify yourself and/or your entity along with your client(s)
before opening an account.
Subject to all parties having read, understood and signed the
standard BARCO Framework Agreement, all parties to the Agreement
agree to appoint BARCO as the payment service provider which is
exclusively permitted to receive funds in accordance with the terms
of the legal services agreement.
BARCO should receive the signed BARCO Framework Agreement and
the legal services agreement at least 48 hours before receiving any
funds but must have it within 24 hours of receiving the funds, or
they will be returned to the sender unprocessed.
All parties agree that BARCO will provide payment services
throughout the duration of the Agreement and that no payments will
be made other than payments made to or by BARCO. In the event of
conflict, the terms of the standard BARCO Framework Agreement take
precedent over any conflicting terms contained in any other legal
services agreement between a barrister and their client.
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.