Custodial deposit protection was introduced 10 years ago this week and the Deposit Protection Service has been marking the anniversary.
Custodial protection was included as one of a number of measures in the 2004 Housing Act to ensure deposits must be protected by a third-party.
When the legislation was implemented on April 6 2007 the DPS offered England and Wales’ only custodial scheme – where deposits are securely looked after rather than retained by a landlord – and over the last 10 years has protected over 4.9 million deposits.
“This accomplishment is largely down to the hard work and great skills of the diverse team we have, whether it’s our highly-rated contact centre, our adjudicators or our education and training teams. The next decade promises to be even more exciting, with digital developments promising an even easier and rewarding process for letting agents, landlords and tenants” says Julian Foster, DPS managing director.
Daren King, head of tenancy deposit protection - who has worked at The DPS since day one - says: “We kicked off with high standards, and things have improved every year that I’ve been here. It’s exciting to think how different things will be in another ten years, and I’m really glad to be part of a team that plays such a leading role in the industry.”