TDP axed

I've been a regular user of the Deposit Protection Service (DPS) since it's launch and the fact that landlords are now required to hold their tenants deposit in one of the approved landlord deposit scheme providers.  Initially there were two insurance backed schemes.  Most small landlords have found like me that the free Custodial Scheme offered by the DPS with no set up cost and fees does everything that is required even if they have to hand over their tenants deposits to somebody else.

It appears that the government has concluded that there is no longer room in the market for two insurance backed schemes.  The tenancy deposit scheme which was originally known as the Dispute Service and more latterly the TDP is run by Capita Plc but is now being transferred to Mydeposits the other insurance backed scheme.  TDP has not been accepting deposits from September the 14th as confirmed on their website. 

Competition remains the same
The DPS has now been granted permission to offer an insurance backed policy for landlords and agents wishing to continue to hold their tenants deposit.  This means that there are still 2 insurance backed providers in the market.

One good thing is that with less TDS providers we have less confusing acronyms to deal with: DPS, TDS, TDP to name just a few!

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