Deposit Protection for Scotland Welcomed

LONDON - The announcement of a national scheme for Scotland to protect tenants’ deposits and provide Alternative Dispute Resolution for the Private Rented Sector has been welcomed by The Tenancy Deposit Scheme, TDS. The Scheme has offered to provide assistance wherever it can.

The Tenancy Deposit Scheme was born of the forerunner to mandatory deposit protection. It began as a scheme for regulated agents over five years ago.

Said Chief Executive Lawrence Greenberg, “Tenancy Deposit Protection is an important and successful consumer protection measure. It safeguards money that rightfully belongs to the tenants, who, all too frequently, are the most vulnerable members of our modern society.”

The provision of Alternative Dispute Resolution, that is a part of deposit protection, provides for efficient, speedy and independent resolution of disputes over deposits at the end of a tenancy.

Currently, the Tenancy Deposit Scheme has over 800,000 tenancies registered, covering nearly 1.25 million tenants and safeguarding a billion pounds held on deposit.

“This huge sum shows very clearly how tenancy deposit protection for rentals is as vital as regulation in any other part of economy. The total amounts of these deposits mean that they compete with the values that everybody expects to be protected in the financial services sector,” Lawrence Greenberg added.

Source: Tenancy Deposit Scheme

Media contact: Malcolm Harrison +44(0)20-7581-8335