Annual membership subscriptions for the TDS Insured scheme are calculated using our competitive headline per tenancy rates. Letting Agent members using the scheme for the year commencing 1st April 2021 will have their subscription based on the ‘data snapshot’ from the members’ account. TDS arrange this and there is nothing for members to do except to ensure that what is registered under the account is accurate. As well as counting the number of tenancy deposit registrations we consider the number of tenancy disputes that have been referred to us and this enables us to calculate any further discounts that may be applied to advertised headline rates. If you are currently a TDS Insured member, we will calculate your subscription for the next membership year, 1st April 2021 to 31st March 2022 by taking an annual data snapshot.
Please note: There is no data snapshot taken for our TDS Custodial scheme.
The snapshot for the 2021-22 membership year will take place on 24 January 2021.
To make sure we have accurate information we guide members to check the number of live tenancies you have. Once logged into your TDS Insured membership account, you can export a list of live registrations using the ‘Export Functions’ feature within your TDS Insured Members area. To correct the data held by TDS; export the data, find and identify any expired, duplicated, or incorrectly registered tenancies, or mark them as ended, and re-import the data. Live tenancy deposit registrations marked as ended may take up to 24 hours to be processed by TDS.
Next you should check the number of disputes on your account. In the member Dashboard click ‘Tenancy & Deposit Statistics’. Select ‘Since last snapshot’ from the dropdown list. This will display a history of tenancy and dispute data for your account. For the purposes of calculating your annual membership subscription, we only count disputes where we have published a report of adjudication.
Finally, check your Approved Body membership TDS’ headline Insured membership rates differ depending on which regulatory body you are associated with as a TDS member. Check on your TDS Insured Member Dashboard to make sure we have the correct Approved Body membership recorded for your organisation. If you have changed your approved body membership and this is not reflected in your TDS account, please contact us at firstname.lastname@example.org as soon as possible, so we can make any agreed changes for you.
We know this year has been financially tough on many agents, so why not reduce your outgoings by switching to our FREE deposit protection service? If you would like to find out more about switching to TDS Custodial today and the benefits of doing so, please click here.
About the author
John is the Head of TDS Member Services and has been working with all our teams for over 10 years. As a former practitioner in the lettings industry with over 25 years’ experience, he takes a keen interest in Property Industry especially with all the changes in the Private Rental Sector. In addition to his work in Estate Agency, John has worked within our Alternative Disputes Resolution team and is key to our customer focus to offer the best service we can in a changing property landscape.
John has presented many of the TDS Academy courses along with webinars, other training seminars, along with numerous industry forums and events. He is well versed and well-travelled throughout England and Wales helping all TDS members with tenancy deposit protection.
Advocating improvement through education and training John appreciates the ups and downs of a tenancy transaction experienced by all the parties; he brings knowledge, consideration and practicality to encourage the stakeholders involved to reach an acceptable solution to tenancy deposit disagreements and access Alternative Dispute Resolution where required.
Tenancy Deposit Scheme (TDS) is the only not-for-profit, Government-approved scheme for the protection of tenancy deposits. TDS provides impartial adjudication for any disputes that may arise over the tenancy deposits that we protect.
Or you can request a personalised demo of the database to discuss how TDS Custodial could streamline your deposit protection process here.
TDS can only comment on the process for our scheme, other deposit protection schemes may have a different process/require different steps. Content is correct at the time of writing.
These views are those of the author alone and do not necessarily reflect the view of TDS, its officers and employees.