Some of our landlord insurance clients may be new to the business and unaware of the need to protect their tenant’s deposit. The Deposit Protection Scheme was launched four years ago in April 2007 and since then it has protected the deposits of two million tenants. The total value of deposits submitted is £1.1bn and it has dealt with 20,000 letting agents and 250,000 landlords.
The DPS currently holds 720,000 deposits totaling £550 million and is registering something like 200 new landlords a day. It provides a free service funded by the interest on deposits and is run by Computershare Investor Services PLC. One of the features that may be popular with tenants is the facility to check whether their deposit has been protected.
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