Bar Council wins FSA approval for client money service

The Bar Council has been given regulatory approval by the Financial Services Authority to launch its new BARCO client money service.

Having been granted approval under the Payment Services Regulations, the Bar Council will roll out the service to ten chambers initially. A full rollout will take place this spring.

The selected sets are:

  • Atkin Chambers
  • 2 Bedford Row
  • 33 Chancery Lane
  • Erskine Chambers
  • 39 Essex Street
  • St. Johns Buildings, Manchester
  • St. Johns Chambers, Bristol
  • Outer Temple Chambers
  • 37 Park Square, Leeds
  • St. Philips, Birmingham

A third party company, owned and operated by the Bar Council, BARCO “provides 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”.