The Deposit Protection Service (The DPS) has announced that it is now protecting more than 1.2 million deposits across England and Wales, totalling just over £1 billion.
Julian Foster, managing director at The DPS, said: “We’re very proud that so many landlords and letting agents trust us to protect their tenants’ money.
“It’s testament to the hard work of so many of my colleagues that such a large volume of money can be administered so smoothly, transparently, fairly and securely.
“With the rental sector expanding and evolving, The DPS will continue to play a leading role within the industry, focusing on rapid deposit repayment; clear, regular communication with landlords and tenants; and the provision of the best support, whether online, over the phone or in person at our unique training events.”
Since its foundation in 2007, The DPS has protected over 3.5 million deposits, worth over £2.8 billion in total. It’s the only scheme to offer a choice between schemes that are custodial – where it holds the money during the duration of tenancies – and insured – where landlords retain deposits.
Its custodial scheme is open to all letting agents, landlords and organisations, and there are no membership fees or qualifying criteria. For its custodial scheme, The DPS repays all deposits within two calendar days on receipt of a jointly authenticated repayment instruction.
It also offers an independent, free Alternative Dispute Resolution service, which aims to resolve any disputes quickly and without the need for court action.
The DPS is part of the Computershare group which also runs The DPS’ sister organisations, The Letting Protection Service Northern Ireland and The Letting Protection Service Scotland.