Insurance News Archive
Unregulated letting agents to lose deposit protection
Landlords using protection-provider Tenancy Deposit Scheme will only have deposit security if their lettings agents are members of recognised professional bodies, it has been announced.
From April 6th, deposit protection will only be available to members of the Association of Residential Letting Agents, the National Approved Lettings Scheme, the National Association of Estate Agents or the Royal Institution of Chartered Surveyors.
Alternatively, deposits will need to be protected under one of the other protection schemes authorised by the government, including Tenancy Deposition Solutions or the Deposit Protection Service.
The decision by the Tenancy Deposit Scheme comes at the insistence of its insurers and members who are unregulated agents will be informed, the provider says.
It will also be writing to current tenants who are renting through an unregulated agent to advise them of the change in circumstances.
The National Approved Letting Scheme has advised landlords and tenants to make sure they are fully protected and says it is understandable that insurers are reluctant to cover unregulated firms.
07 Jan 2009
