Mydeposits continues to welcome unaffiliated letting agents

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by Gill Montia

Mydeposits has announced that it will continue to offer services to letting agents that are not affiliated to a recognised profession body, such as the Association of Residential Letting Agents, National Association of Estate Agents, National Approved Lettings Scheme or Royal Institute of Chartered Surveyors.

The firm operates a Government-authorised insurance-based tenancy deposit protection scheme and the announcement follows a decision earlier this month by the Tenancy Deposit Scheme (TDS) to withdraw insurance protection for deposits held by unregulated agents, from 6th April.

According to mydeposits, there is no evidence to suggest tenants and landlords are more likely to experience deposit disputes because they are using an unaffiliated letting agent.

That being said, mydeposits will be reviewing its membership criteria and the enforcement of its scheme rules, to offer maximum protection against the risk of letting agent insolvency in these uncertain financial times.

According to the announcement made by TDS when it warned of the forthcoming ban on unaffiliated agents, the firm’s insurers had insisted on the change.

Mydeposits is perhaps better placed, the firm belongs to Tenancy Deposit Solutions Limited, which is jointly owned by the National Landlords’ Association and HFIS plc which provides insurance under its Hamilton Fraser brand.