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Posted by Laura Hart on December 23, 2015
The Dispute Service will launch a new custodial deposit protection scheme for England and Wales on 1st April 2016, having been approved by the Department for Communities and Local Government.
The launch of TDS Custodial means that agents and landlords will have a choice of custodial scheme for the first time since tenancy deposit protection became mandatory in 2007.
What is custodial deposit protection?
Agents and landlords can either register their deposit(s) with an insurance-backed scheme or protect the funds with a custodial scheme, but until now there has only been one custodial scheme provider. With the custodial model, the agent or landlord lodges the entire deposit with the scheme free of charge. Operating costs for the custodial model are met from the interest generated by the funds.
Visit the TDS website for more information.