What is deposit protection?
The government introduced tenancy deposit protection over ten years ago. Many landlords and letting agents were holding deposits for a long time at the end of tenancy and making unfair deductions. The government introduced the regulations to raise standards in the industry. This includes keeping deposits safe and ensuring the fair treatment of tenants.
The regulations cover the majority of deposits for new assured shorthold tenancy contracts. If landlords and letting agents don't adhere to the rules, they could face stiff penalties.