Capita has launched a new insured tenancy deposit scheme which has been approved by the Government
Capita Tenancy Deposit Protection (TDP) will offer dispute resolution services via an existing ombudsman scheme, Ombudsman Services, and becomes the fourth provider in England and Wales.
The partnership with Ombudsman Services, rather than the prices – which are competitive – looks to be the real USP. In the past, there have been problems when an agent who has used an insured scheme has done a bunk with deposit money, potentially leaving any membership body concerned to slug it out with the insurers of the tenancy deposit scheme as to which would fork out.
Capita’s prices start from £15 per tenancy for landlords and £9.50 for ‘regulated’ letting agents who belong to NALS, RICS, NAEA, Law Society or UKALA. The cost for unaffiliated agents is £30 per tenancy.
The £9.50 price tag for ‘regulated’ agents is the same as that charged by the new DPS insured scheme.
Price comparisons with TDS are harder because of the number of discounts it gives, but on paper it charges of £9.25 for members of ARLA, NAEA and RICS, and £10.25 for members of NALS and Law Society. Capita’s charge also undercuts the fees charged by MyDeposits, the lowest of which is £10 for registered SAFEagent members. The TDS charges "unregulated" agents on an individual basis and charges landlords between £13.20 and £21.95.
The Capita price for landlords is the same that the TDS DepositGuard scheme charges per deposit.
Gareth Kings, managing director of Capita TDP, based in Basingstoke, Hampshire, said: “Capita is pleased to be able to offer landlords and letting agents a new choice of deposit protection service which will give tenants peace of mind.
“Building upon our proven track record in both the property and insurance sectors, we hope to bring a fresh approach to deposit protection, providing a simpler, cost-effective solution for protecting tenants’ deposits.
“As part of our service we will also be offering landlords, agents and tenants help and guidance on how to foster good relationships and minimise deposit-related disputes.”
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