We provide MedCo compliant Escrow Accounts for Medical Reporting Organisations (MROs). This form of Escrow Account meets the Qualifying Criteria (QC) as set by the Ministry of Justice which requires to all MROs to hold a financial bond or similar of £20,000 or £100,000 in the case of a high capacity MRO.
The QC is as follows:
“A financial bond or other financial instruments of at least £20,000, demonstrating that the MRO has sufficient funds available to remunerate medical experts from whom it has commissioned medical reports in the case of failure of the MRO”
MedCo has subsequently confirmed that they believe that an insurance policy does not meet the QC and that they are only aware of one type of financial instrument that meets the QC, being a standard Escrow Agreement.
Elemental use a form of Escrow Agreement, with appropriate release conditions that meet the QC, whilst keeping your funds safe and secure. Please get in touch for further information.
Elemental CoSec Limited is authorised by the Financial Conduct Authority (FCA) (Ref 806870) and regulated by HM Revenue & Customs (HMRC) for the provision of these services, so you can remain confident that the services will be fully compliant and your funds protected.
Elemental complies with the FCA’s safeguarding requirements and your funds will be held within a designated client account with a secure UK bank. Once this account is set up, no other funds with be held in this account and your funds will be segregated and protected in the event of any unforeseen circumstances. Please note that many escrow providers will mingle your funds with those of other clients, making them less secure in the event of insolvency.
Our service is provided by experienced lawyers and accountants with extensive experience of handling corporate and commercial transactions themselves. They can apply this knowledge to ensure that the escrow service is fully tailored to your needs.
It is not uncommon for an escrow account to be needed at relatively short notice and we will be on hand to ensure that it does not delay matters. The account can generally be opened in a matter of days, subject to receipt of all required KYC.
We have standard escrow agreements that can be used in their entirety or as a starting point for a more tailored option. We are also always open to tailoring the arrangements to your specific needs or starting from an agreement produced by your lawyers.
We are truly independent of any bank, law firm, accountancy firm or other financial institution. We are therefore free of conflicts of interest and able to act independently of the parties as an escrow agent.
You can commence the process of appointment by simply calling or emailing us. However, if you’d prefer, we have a form designed to collect the key initial information.
Be careful and vigilant when appointing an Escrow Agent and please see our guide on Escrow Scams for further information.
If you have any questions about an Escrow Agent or our services, please check out our FAQs or you are welcome to contact us directly.
If you would like further information on our Escrow services, please feel free to view our brochure.
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If you would like to find out more about our services and how we can help support your business, please get in touch.