New DPS Insured Service

The Deposit Protection Service is now offering both a custodial and insured service for landlords in England and Wales.

The DPS, who are the only provider in England and Wales of a custodial scheme has now added an insurance-backed scheme.

The choice between the two types of scheme can be made online or by phone, but while the new insured scheme is available to all landlords, it is only available to letting agents who belong to a recognised trade body, including NALS and SafeAgent.

Landlords and agents will be able to manage both their custodial and insured deposits via one easy, integrated online account.

Both services are supported by the same Alternative Dispute Resolution (ADR) service in the case of disagreement at the end of the tenancy.

The DPS says that its price for the insured scheme is a match for the cheapest schemes on the market, and has no subscription.

Letting agents will be charged per deposit monthly by direct debit; the (ex-VAT) fee to protect each deposit will be  £9.50. Further discounts will be available for volume.

Landlords will be charged £15 (inc VAT) per deposit for deposits under £500, and £22.20 (inc VAT) per deposit for deposits over £500 on a pay-as-you-go basis.