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Capita launches new tenancy deposit protection scheme

 

Tuesday 21st May 2013

Capita has launched a new insured tenancy deposit scheme which has been approved by the Government

Capita Tenancy Deposit Protection (TDP) will offer dispute resolution services via an existing ombudsman scheme, Ombudsman Services, and becomes the fourth provider in England and Wales.

The partnership with Ombudsman Services, rather than the prices – which are competitive – looks to be the real USP. In the past, there have been problems when an agent who has used an insured scheme has done a bunk with deposit money, potentially leaving any membership body concerned to slug it out with the insurers of the tenancy deposit scheme as to which would fork out.

Capita’s prices start from £15 per tenancy for landlords and £9.50 for ‘regulated’ letting agents who belong to NALS, RICS, NAEA, Law Society or UKALA. The cost for unaffiliated agents is £30 per tenancy.

The £9.50 price tag for ‘regulated’ agents is the same as that charged by the new DPS insured scheme, with both undercutting the TDS charges of £9.75 for members of ARLA, NAEA and RICS, and £13.75 for members of NALS and Law Society. Capita’s charge also undercuts the fees charged by MyDeposits, the lowest of which is £10 for registered SAFEagent members.

The Capita price for landlords is the same that the TDS DepositGuard scheme charges per deposit, although that also charges an annual £75 fee on top.
 
Gareth Kings, managing director of Capita TDP, based in Basingstoke, Hampshire, said: “Capita is pleased to be able to offer landlords and letting agents a new choice of deposit protection service which will give tenants peace of mind.

“Building upon our proven track record in both the property and insurance sectors, we hope to bring a fresh approach to deposit protection, providing a simpler, cost-effective solution for protecting tenants’ deposits.

“As part of our service we will also be offering landlords, agents and tenants help and guidance on how to foster good relationships and minimise deposit-related disputes.”

More information here:

https://www.capita-tdp.co.uk/


Added by Industry Observer on 2013-05-22 08:29:28

The insured schemes have only ever protected the disputed part of the dep[osit that at tenancy end should be paid into them to adjudicate, or if the parties are going to Court.

They have NEVER protected the entire deposit against fraud etc - it is clear in the Rules.

The only tenants with deposits protected in the true sense of the word and against all eventualities are those held by DPS - unless DPS goes bust of course!!
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