DPS protecting over £1 billion of tenancy deposits
02 March 2015
The Deposit Protection Service, known as the DPS, recently announced that it is now protecting more than £1 billion of tenants’ money.
The firm says that it is currently safeguarding over 1.2 million deposits across England and Wales.
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.
“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,” he added.
Deposit protection was introduced as law in 2007 meaning landlords and letting agents have to use one of three schemes – DPS, The Dispute Service and my|deposits - to protect their tenant’s deposit.
They have 30 days from receipt of the deposit to provide the tenant with details of the scheme that they are using (known as the prescribed information).
Since its foundation eight years ago, The DPS has protected over 3.5 million deposits, worth over £2.8 billion in total.