My Deposits open to all

Note - the Landlord Law Blog has now moved to www.landlordlawblog.co.uk.

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I have seen quite a few news and other items on the internet reporting the statement from the ‘my deposits’ tenancy deposit scheme confirming that, unlike Tenancy Deposit Scheme (run by the Dispute Service), they will not be withdrawing cover from unaccredited agents (see my report here).

However this is hardly surprising as my deposits is a partnership between the National Landlords Association and Hamilton Fraser Insurance. Presumably Hamilton Fraser are more minded to provide cover to all, being part owners of the business, than the (unnamed) insurers of the Tenancy Deposit Scheme. Even so, the press release states that my deposits will be introducing more stringent financial checks.

The third tenancy deposit company, The Deposit Protection Service, as the ‘default’ provider, is always open to all landlords and agents (see further here).