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The UK’s longest running provider of tenancy deposit schemes, TDS, today launches its Code of Recommended Practice for deposit protection, continuing its on-going remit of improving standards in the private rented sector.
The code (which builds on existing guidance to members) outlines the standards it expects of its members and covers: protecting deposits and serving prescribed information, terms of business with landlords, tenancy agreements, check-in/check-out reports, and proposing and negotiating deposit deductions.
Designed to dovetail with codes of practice from the Property Ombudsman, ARLA Propertymark and the Royal Institution of Chartered Surveyors (RICS) the work acts as a practical and convenient resource for everyone in the private rented sector.
Michael Morgan, director of dispute resolution at TDS, said: “Dealing with over 15,000 deposit disputes a year gives us an outstanding insight into what causes tenancy deposit disputes, and what can be done better to avoid them arising.
“With this in mind, TDS has launched the Code of Recommended Practice. It captures, in an easy to understand statement, those ‘best practice’ requirements which we would expect TDS members to follow in their dealings with tenancies and deposits.
Steve Harriott, TDS chief executive added: “I am delighted to commend this Code to all TDS members and their tenants. As part of our commitment to raising standards in the private rented sector, it reflects the very purpose of tenancy deposit protection – to improve practices for dealing with tenancy deposits, and work to reduce disputes.”
TDS’ Code of Recommended Practice and FAQs are available to view on the links below:
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