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The Bar Council has closed down its escrow facility due to lack of use by barristers and competition from providers.
Launched five years ago, Barco was designed to help barristers compete on a level playing field with solicitors by allowing them to hold client money. Client funds were held in a Barclays account, with barristers paying an administration fee and any interest returned to clients.
But the Bar Council said that the income from fees and charges from the scheme did not match the costs and expenditure incurred in delivering the service.
It identified two commercial schemes, Shieldpay and Transpact, which have been reviewed for compliance by the Bar Council’s Ethics Committee as particularly ‘suitable escrow providers for the self-employed Bar’.
The Bar Council has closed down its escrow facility due to lack of use by barristers and competition from providers.
Launched five years ago, Barco was designed to help barristers compete on a level playing field with solicitors by allowing them to hold client money. Client funds were held in a Barclays account, with barristers paying an administration fee and any interest returned to clients.
But the Bar Council said that the income from fees and charges from the scheme did not match the costs and expenditure incurred in delivering the service.
It identified two commercial schemes, Shieldpay and Transpact, which have been reviewed for compliance by the Bar Council’s Ethics Committee as particularly ‘suitable escrow providers for the self-employed Bar’.
Far-ranging month for the Chair of the Bar
Endometriosis Awareness North, a charity raising awareness of endometriosis and supporting those affected across the North of England, has received a £500 boost from AlphaBiolabs via the company’s Giving Back initiative
Marie Law, Director of Toxicology at AlphaBiolabs, examines the most recent data on alcohol misuse in the UK, and the implications for alcohol testing in family proceedings
Clement Cowley, Partner at The Penny Group, explains how tailored financial planning can help barristers take control of their finances and plan with confidence
Marie Law, Director of Toxicology at AlphaBiolabs
A £500 donation from AlphaBiolabs has been made to the leading UK charity tackling international parental child abduction and the movement of children across international borders
Seeing the full picture – Baljit Ubhey OBE outlines the CPS action plan to tackle violence against women and girls, offering insights directly relevant to courtroom practice
Heritage as an anchor and a compass, finding our common humanity and embracing the power of the outsider – Melina Antoniadis’s lessons learnt
Is the Judicial Conduct Investigations Office process fit for purpose? Women barristers’ experiences of bullying are not being reported or, if they are, they are not making it through the system, says Tana Adkin KC
Review by Daniel Barnett
Chair of the Bar reports back
