581 of the Laws of Hong Kong) (the “DPS Ordinance”) has started providing deposit protection in respect of certain deposits to depositors on 25 September 2006. The deposit is protected in the scheme until the issue is settled. You can use any of the following schemes if your property is in England or Wales: There are separate TDP schemes in Scotland and Northern Ireland. That is why our calls and emails are answered faster than any other tenancy deposit protection scheme in England and Wales. You must use a TDP scheme even if the deposit is paid by someone else, like a rent deposit scheme or a tenant’s parents. DEPOSIT PROTECTION SCHEME ORDINANCE A299. The Deposit Protection Scheme (the “Scheme”) established under the Deposit Protection Scheme Ordinance (Cap. Q2. Your online account is available 24/7. It is customary (but not a legal requirement) for landlords to provide tenants with an inventory. The ECB supported these aims, while stressing that the credibility of deposit-guarantee schemes should be preserved by establishing efficient operational processes for verifying claims and paying depositors, ensuring that sufficient funding is available, and enhancing depositors' awareness of the terms and conditions of deposit protection. Please see below some definitions and explanations of the terms we use frequently throughout this document. We are pleased to inform you that UCO BANK, Hong Kong is a member of the Scheme. On this page you can find all of our user guides and information in one place. No. Submitting a deposit to our Insured scheme - letting agents. TDS is the longest running tenancy deposit protection scheme in the UK. Tenancy Deposit Scheme. What is the maximum tenancy deposit in the UK? my|deposits Scotland You can change your cookie settings at any time. This form is for landlords and letting agents who want to create an Insured scheme account. Alongside the Deposit Protection Fund, there exists a statutory deposit protection scheme, the "Entschädigungseinrichtung deutscher Banken" [Compensation Scheme of German Banks, EdB], which was set up in 1998. The Deposit Protection Service Custodial Terms and Conditions. To make sure that a large portion of these deposits is safe even if a bank fails, banks pay into an insurance fund known as a deposit guarantee scheme. Agent / Landlord. We’re authorised by the government to protect deposits for tenancies in England and Wales and are the biggest provider of deposit protection in the UK. Safe Deposits Scotland. We use this information to make the website work as well as possible and improve government services. Log in and take care of your deposit whenever you need to. From 6 April 2007 these new requirements came into force as three Government approved tenancy deposit schemes were established. We offer the cheapest pay-as-you-go insured scheme in England and Wales*. We pride ourselves in providing the best service for our members and customers. At the beginning of 2015 at least half of … 11 April 2018. In Scotland, the government-approved schemes are: Letting Protection Service Scotland. Back to top. Our Insured scheme terms and conditions. The deposit is protected in the scheme until the issue is settled. Find out about our professional deposit protection services for landlords, letting agents, businesses and tenants in the private rental sector. If you’re in an ‘insured’ scheme, you or the agent must give the deposit to the TDP scheme. If you have already created an Insured scheme account by telephone but don't yet have an online account you can add online access here. The deposit must be returned to your tenants within 10 days of you both agreeing how much they’ll get back. Learn about the landlord deposit scheme from My Deposits that helps you ensure your tenants' deposits are fully protected and that you're compliant with the law. Check-outs, repayments and deductions. A guide to bulk deposit submissions - Insured scheme. If you’re a landlord who’s taken a security deposit for a new tenancy, you must protect it with a government-approved deposit protection scheme like ours within 30 days of receiving it. In case a member bank of DPS (a Scheme member) fails, the DPS will pay compensation up to a maximum of HK$500,000 to each depositor of the failed Scheme member. Join over 150,000 UK landlords and benefit from affordable deposit protection services, excellent customer service and industry leading advice. 1. In the Insured scheme, even though the deposit protection has been marked as ended, the Tenancy Deposit Scheme will continue to offer protection for three months, to ensure that you have access to our dispute resolution service if you do not agree with the landlord retaining your deposit. If you’ve received a holding deposit from your future tenants (money to ‘hold’ a property before an agreement is signed), you do not have to protect it. Once your new tenant has paid the deposit for the property, you have to lodge it with a tenancy deposit scheme within 30 working days of the tenancy starting. Deposit protection schemes are a valuable system for anybody who is either living in rented accommodation or renting out a property to tenants. Under EU rules, deposit guarantee schemes. Check their website for more details. The Deposit Guarantee Scheme (DGS) protects depositors in the event of a bank, building society or credit union authorised by the Central Bank of Ireland being unable to repay deposits. We’re authorised to protect deposits for tenancies in England and Wales and offer a choice of two types of protection - Custodial protection, a free service where we hold the deposit for the duration of the tenancy, and Insured protection, where you hold the deposit and pay us a fee to protect it. It will take only 2 minutes to fill in. You must place your tenants’ deposit in a tenancy deposit protection (TDP) scheme if you rent out your home on an assured shorthold tenancy that started after 6 April 2007. When the tenancy comes to an end, you handle the repayment. TDS is the longest running tenancy deposit protection scheme in the UK. The Board shall, for the purposes of this Ordinance, establish and maintain a scheme to be known as the “Deposit Protection Scheme” in English and “存款保障計劃” in Chinese. Money that is kept at a bank, for example in a savings account, is called a deposit. There are no registration or annual renewal fees, and is available to letting agents, landlords and organisations. How we handle complaints … Your landlord must put your deposit in a government-approved tenancy deposit scheme ( TDP) if you rent your home on an assured shorthold tenancy that started after 6 April 2007. protect depositors' savings by guaranteeing deposits of up to €100,000; help prevent the mass withdrawal of deposits in the case of bank failure, which can create financial instability; The EU has gradually increased the level of deposit protection since the first directive for DGS was introduced in 1994. The DPS protects your deposits placed with Scheme members and the protection is statutory. Your deposit protection scheme should have a dispute service that you can use. To help us improve GOV.UK, we’d like to know more about your visit today. You pay a small fee to protect each deposit and you keep the deposit during the tenancy and any interest accrued. All content is available under the Open Government Licence v3.0, except where otherwise stated, Information you must give to your tenants, If you do not protect your tenants' deposit, Coronavirus (COVID-19): guidance and support, Transparency and freedom of information releases, the scheme hold the deposit for free - known as a ‘custodial’ scheme, you or the agent holds the deposit and you pay the scheme to insure it - known as an ‘insured’ scheme. Tenancy deposit protection schemes are companies approved by the government. Deposit protection schemes do not require an inventory - a record of the condition of the property at the start of the tenancy - to be produced, but it can be helpful to draw one up anyway, as they may help in the event of a dispute at the end of a tenancy. Using deposit protection schemes - the official schemes, information you must give tenants, what happens if you do not protect a deposit, disputes and advice If you've already created an Insured scheme account by telephone please add online access to your account. The TDP scheme will refund your deposit if the dispute resolution service agrees. tenancy deposit protection scheme operated. As the home of deposit protection, we’ve got it covered, Test your knowledge with our 'Understanding Terms' quiz, More information about deposit protection. What is a deposit guarantee scheme? There may be a time limit on when you can dispute, so it’s worth getting in touch with them as soon as you can. the Financial Services Compensation Scheme (FSCS), as the administrator of the UK's Deposit Guarantee Scheme (DGS) and Dormant Account Scheme (DAS); and; depositors. These agencies are called tenancy deposit protection schemes and are impartial bodies that act as a mediator between the landlord and tenant when regarding the rental deposit. We provide tenancy deposit protection for Agents and Landlords. In Hong Kong, the DPS is established under the Deposit Protection Scheme Ordinance (DPS Ordinance). Check how the new Brexit rules affect you. Ord. 7 of 2004. They have the authority to govern tenancy deposits and oversee the … Find out everything you need to know about protecting a deposit with us. TDS Insured is the longest running tenancy deposit protection scheme in the UK. If you’re a landlord who’s taken a security deposit for a new tenancy, you must protect it with a government-approved deposit protection scheme like ours within 30 days of receiving it. In order to use our Custodial scheme, you will need to read and accept these terms and conditions (the “Terms and Conditions”). Need to view or manage your deposits? Insured scheme - Prescribed Information template. If you receive a valuable item as a deposit instead of money (for example a car or watch), you do not have to put it in a TDP. This Prescribed Information had to be provided by the landlord within 14 days of the deposit being received (increased to 30 days from 6 April 2012). Resources, guidance, and the latest industry news. mydeposits is a leading tenancy deposit protection scheme provider, authorised by the UK Government. Sign up today and benefit from our industry leading advice. Can my landlord charge me to protect my deposit? By creating a new account, you agree to accept our policy on cookies. Everything you need to know, from our free Dispute Resolution Service, to advice from our experienced experts. Find out more about cookies. Once they become tenants the holding deposit becomes a deposit, and you must protect it. The business model of most banks is to lend out this money to other customers, keeping only a portion of it available for people wanting to withdraw money. Your deposit protection scheme may help you with this, for example by providing a template. We use cookies to collect information about how you use GOV.UK. They will hold it until the issue is settled. It is also the cheapest pay-as-you-go insured tenancy deposit protection scheme in England and Wales*. Hong Kong Deposit Protection Board (the Board) is an independent statutory body formed under the Deposit Protection Scheme Ordinance to oversee the operation of the Deposit Protection Scheme (DPS). Tenancy Deposit Scheme; Deposit Protection Service; Contact MyDeposits if your deposit was held by Capita. Take the stress out of ending a tenancy. If you’re in an ‘insured’ scheme, you or the agent must give the deposit to the TDP scheme. 2. Using deposit protection schemes - the official schemes, information you must give tenants, what happens if you do not protect a deposit, disputes and advice There are 2 types of schemes to protect the deposit – a custodial tenancy deposit scheme and an insurance deposit scheme and the landlord decides which scheme to use not the tenant. What is a tenancy deposit protection (TDP) scheme. These schemes are important because of the security that they give people and because of the trust that they allow to develop between tenant and landlord. Submitting a deposit to our Insured scheme - landlords. Ask Emma a question; View Frequently Asked Questions ; Quick Links. If your deposit was not protected at the start of the tenancy . Tenancy deposit schemes. Just click on each image to download the document. A deposit protection scheme protects depositors by paying compensation to them in the event of a bank failure. You’ve accepted all cookies. These government-backed schemes ensure your tenants will get their deposit back if they: You (or your letting agent) must put your tenants’ deposit in the scheme within 30 days of getting it. Don’t include personal or financial information like your National Insurance number or credit card details. The DGS is administered by the Central Bank of Ireland and is funded by the credit institutions covered by the scheme. A tenant's guide to the Insured scheme. 12. Definitions and Explanations of commonly used terms. We’ll send you a link to a feedback form. As the biggest provider of deposit protection in the UK, we’ve been helping landlords for over 10 years, so you can rely on us for all your deposit protection needs. Establishment of Deposit Protection Scheme. Renting is a growing phenomenon in Great Britain. We want to make it easy for you to find out everything you need to know about Tenancy Deposit Protection. The Insured Scheme is where the Landlord or Agent retains the deposit and protection is provided for the duration of the tenancy for a fee. We’ve also created a number of ‘How to…’ videos to help you use our service. Tenancy Deposit Legislation in England and Wales Housing Act 2004 … You can find these on our YouTube channel, DPS TV! These rules protect tenants by making sure they get the deposit back – as long as they pay rent, meet the terms of their tenancy agreement and don’t damage the property. End of tenancy process. We’ve been providing a simple, hassle free service for over 10 years, and in that time we've looked after more than 5 million deposits, so you can rely on us to keep your deposit safe. No need to wait in a call queue. Landlords pay a fee to protect every deposit. Don’t worry we won’t send you spam or share your email address with anyone. 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