The new scheme will give agents and landlords more choice and flexibility than ever before by operating alongside their existing insured scheme, the Tenancy Deposit Scheme (TDS). Agents and landlords will be able to use one or both types of protection with TDS and easily switch mid-tenancy.
TDS currently protects over 1.1 million deposits making it the largest insured scheme in the UK. Its new custodial scheme will be open to all agents and landlords and be free to use.
The Dispute Service has been operating custodial protection schemes in other jurisdictions for several years. The company operates TDS Northern Ireland and provides key functions for SafeDeposits Scotland. It has achieved multiple awards for levels of service and quality of management including the Customer Service Excellence standard, Investors in People award, and the BSi Complaints Handling Standard.
Commenting on the announcement, Chief Executive Steve Harriott said:
“We are delighted to extend our established and award winning experience to custodial deposit protection in England and Wales. This is a great step forward which will benefit agents, landlords, and tenants, and offer valuable new flexibility to suit the needs of members.
“Until now, agents and landlords in England and Wales have not had a choice of custodial deposit protect schemes and we look forward to offering our alternative award winning service from the 1 April 2016.”
The not for profit company is the leading provider of deposit protection services in the UK. Protecting over £1.3billion of deposits TDS is the largest insurance backed scheme in England and Wales, and TDS Northern Ireland holds a 75% market share. SafeDeposits Scotland, which has its key functions provided by The Dispute Service, also holds well over half of the country’s protected deposits.