BARCO approved by FSA
Ten chambers to pilot service before full launch in spring
The Bar Council has won the backing of the FSA for BARCO, its service enabling barristers to keep clients' money for the first time through a third party escrow account held by Barclays Bank.
BARCO, which is wholly owned by the Bar Council, will pay for itself by taking a percentage of the fees withdrawn by barristers, capped at £250 per transaction.
The arrival of BARCO is particularly significant for public access barristers and would enable the Bar Standards Board to regulate entities.The service will be piloted by ten chambers before being formally rolled out in the spring.
They are Atkin Chambers, 2 Bedford Row, 33 Chancery Lane, Erskine Chambers and 39 Essex Street in London, Outer Temple Chambers in London and Manchester, St Johns Buildings in Manchester, St Johns Chambers in Bristol, 37 Park Square in Leeds and St Philips, Birmingham.
When the new service was first announced in September last year, Michael Todd QC, former chairman of the Bar Council, described it as 'one of the most important developments in the legal services sector since the Legal Services Act came into force.'
Today Todd, chairman of the BARCO committee, said it would offer an 'imaginative and unique solution for clients all over the world', making it easier than ever before to work with the Bar.
'We look forward to sharing more details about the progress of the first phase in due course.'
BARCO will be regulated by the FSA and comply with regulatory obligations arising from the Payment Services Regulations 2009. It is subject to any approval process arising from the new Bar Standards Board handbook.
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