In April 2007, all deposits taken by landlords and letting agents for Assured Shorthold Tenancies in England and Wales must be protected by a tenancy deposit protection scheme. From 2007, tenants should ask their landlord or agent about the details of the scheme when signing a new tenancy agreement, although they are obliged to provided their tenants with this information without having to be asked.
The UK Government awarded contracts to three companies to run the schemes from 6th April 2007, the three schemes currently in operation are below.
The Deposit Protection Service
The only custodial protection scheme – it 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 are able to register and make transactions online. Paper forms are also available should internet access by an issue. The scheme is supported by a dedicated call centre and an independent dispute resolution service.
Telephone 0844 472 7000
My Deposits is a partnership between the National Landlords Association and Hamilton Fraser Insurance. This insurance-based tenancy deposit scheme enables landlords, either directly or through letting agents, to hold deposits. Letting agents can also join the scheme.
Telephone 0844 980 0290
TDS is an insurance-backed deposit protection and dispute resolution scheme run by The Dispute Service that builds on a scheme established in 2003 to provide dispute resolution and complaint handling for the lettings industry. The new scheme enables letting agents and landlords to hold deposits.
Telephone 0845 226 7837