Success for Tenant Deposit Protection Scheme

Success for Tenant Deposit Protection Scheme

The National Approved Letting Scheme (NALS) has welcomed the much-awaited announcement from the Government over the awarding of contracts to operate the new Tenancy Deposit Schemes coming into effect in April 2007. NALS has reassured member firms of their strong position in terms of being able to access an insurance based scheme and continue to hold deposits if they choose to do so.

Success for Tenant Deposit Protection Scheme

The National Approved Letting Scheme (NALS) has welcomed the much-awaited announcement from the Government over the awarding of contracts to operate the new Tenancy Deposit Schemes coming into effect in April 2007. NALS has reassured member firms of their strong position in terms of being able to access an insurance based scheme and continue to hold deposits if they choose to do so.

NALS chair Caroline Pickering said: "Firms which have recognised the long term benefits of being part of a Government backed accreditation scheme will now be able to access the statutory Tenancy Deposit Schemes. We are currently in discussions with The Dispute Service Ltd1, which has been awarded a contract, on the review we are undertaking of NALS Client Money Protection arrangements, to ensure our cover for accredited firms fully meets their requirements. We will also be interested to learn more about the scheme operated by the National Landlords Association (NLA)2 which we understand agents can also access. With the legislation coming into effect in April 2007, agents who are not part of NALS or a professional body should be looking at the way in which they operate their business if they wish to continue to hold deposits."

Pickering's commitment to NALS firms and driving industry best practice doesn't stop there - recently aboard as the new voice of NALS, she's keen to push further ahead in driving up standards in the private rented sector:

"This move by the Government has been a long time coming for the industry with around 60 per cent of firms totally unregulated. These new requirements raise the bar for those who have never come under any form of regulatory umbrella and if they want to avoid the position of having to tell landlords that they are not allowed to hold deposits, as they do not meet scheme requirements, they should act now. We're continuing to work to actively support accredited firms to highlight the benefits of seeking out an agent who displays our logo."

NALS is backed by the Government and leading professional bodies and is the most reliable benchmark for landlords and tenants to compare the standards of service they receive from residential lettings agents. All members of the scheme offer client money protection cover, maintain professional indemnity insurance and operate professional customer complaints procedures.

For more information visit www.nalscheme.co.uk

1. The Dispute Service Limited will run an insurance-based scheme, directed primarily at letting agents. It will also run the scheme's Alternative Dispute Resolution service.

2. The National Landlords Association is the UK's largest private rented sector landlord association and has members across the United Kingdom. It protects and promotes the interest of private residential landlords and represents their views to government, local authorities and the media. The NLA seeks a fair legislative and regulatory environment for the private-rented sector while aiming to ensure that landlords are aware of their statutory rights and responsibilities. It campaigns to raise standards in the private rented sector whilst fostering a professional and amicable relationship between landlord and tenant.

Full information for landlords, tenants and agents is available on www.tds.gb.com or 0845 226 7837 or view our page Tenancy Deposit Scheme (TDS)


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