From 2nd April 2013, The Deposit Protection Service (DPS) will be offering a choice of custodial or insurance-based protection.

About The DPS Insured Scheme

Computershare have announced that they have received approval from the Department of Communities and Local Government (DCLG) to operate an ‘insured’ Tenancy Deposit Protection (TDP) scheme and that, subject to the conclusion of formalities, will be offering an ‘insured’ version of their award winning ‘custodial’ scheme, with effect from 2nd April 2013.

Full Terms and Conditions of Service will be available at a later date, but basically, the bullet points are as follows:

  • No Registration or annual renewal fees

  • Available to landlords on a ‘pay as you go’, per tenancy basis

  • Letting agents will be required to be associated with, members of or accredited by RICS, ARLA, NAEA, NALS, UKALA or The Law Society

  • Subject to volumes, fee payment of monthly accounts in arrears by variable direct debit will be available for letting agents

  • Indemnity will be provided to the tenant for the duration of the tenancy

  • Letting agents will be required to provide formal evidence of Client Money Protection (CMP) annually, other than those with NALS accreditation who have agreed to assist in the ‘due diligence’ for their members.

  • Competitively priced with volume discounts

Pricing Structure

The DPS have produced a useful comparison table for the pricing options

Further information

Keep an eye on their blog and their twitter feed for more information about their new service.