Here we give you a little more information on the 3 Government approved
TENANCY DEPOSIT PROTECTION SCHEMES
used in England & Wales
TENANCY DEPOSIT PROTECTION
Tenancy deposit scheme (TDS)
Established since 2003
TDS is an insurance-backed deposit protection and dispute resolution scheme run by The Dispute Service. It was established in 2003 to provide dispute resolution and complaints handling for the lettings industry, including a voluntary deposit scheme for regulated agents which TDS will now absorb. It is designed primarily to enable letting agents to continue holding deposits, but landlords can also join the scheme. For more information, visit www.tenancydepositscheme.com
dEPOSIT PROTECTION SERVICE (DPS)
Established since 2007
The DPS is the only custodial deposit protection scheme – is free to use and open to all Landlords and Letting Agents. The service is funded entirely from the interest earned from deposits held. Landlords and Letting Agents will be able to register and make transactions online. Paper forms will also be available should internet access be an issue. The scheme will be supported by a dedicated call centre and an independent dispute resolution service. For more information, visit www.depositprotection.com
MyDeposits
Established since 2007
MyDeposits is a partnership between the National Landlords Association and Hamilton Fraser Insurance. The insurance-based tenancy deposit protection scheme is designed primarily to enable landlords to continue holding deposits. Agents can also join the scheme. For more information, visit www.mydeposits.co.uk