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Tenants deposits protected with Government-authorised custodial scheme DPS |
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The Deposit Protection Service (The DPS)
The funds are secured with UK approved banks, so for safe, secure and straightforward deposit protection, The DPS is ideal.
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Landlords and letting agents can access online accounts 24/7 and submit deposits in minutes, allowing you to concentrate on doing business, not admin. |
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The DPS is the only Government-authorised custodial scheme that is free to use. |
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All funds are ring fenced in accordance with client money regulations. |
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The DPS is open to all private landlords and letting agents, with no pre-conditions to meet or assessments to take. |
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An independent and free Alternative Dispute Resolution (ADR) service will aim to resolve any disputes quickly and without the need for court action. Landlords, agents and tenants could also earn interest on any proportion of the deposit they are entitled to retain at the end of a tenancy. |
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The DPS is managed by Computershare Investor Services Plc, a global business with more than ten years’ deposit protection experience.
To further improve the successful scheme The DPS will be introducing the following changes to the on-line service:
- From 26th November, landlords will be required to provide either a UK mobile phone number or a valid email address for the lead tenant.
- One of these will be required as a minimum (both would be ideal). However, if tenants do not have any of this information then they should apply for a paper deposit submission form.
Early next year the DPS will also be introducing SMS text messaging to alert tenants when a deposit repayment has been initiated by their landlord or letting agent.
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