We have now entered our eighth year and our continued aim is to provide our members with the best possible service in tenancy deposit protection and to ensure you comply with the law by taking advantage of our well recognized deposit protection scheme.
Different challenges arise all the time and we generally update our scheme rules each year. Members of mydeposits agree to adhere to the scheme rules so read on for a quick update of the key changes this year.
Conditions of Deposit Disputes
This year we have moved the deposit dispute aspects of the scheme rules into a new document called the Conditions of Deposit Disputes. We have done this to better support both members and tenants throughout the dispute process. One of the main aspects of the new guide is to further explain how an adjudicator will make a decision about a dispute case, taking into account the evidence submitted.
We’ve also updated section B1 which outlines some new clauses that explain our risk assessment process for landlord and agent members.
Importantly, the new clauses mean that mydeposits may undertake a risk assessment on members at any time and that members agree to comply with all reasonable requests in relation to risk assessment checks undertaken if any questions are raised about a member’s position.
Notably the changes mean that risk assessment checks may involve:
Individual landlord members: the undertaking of a credit reference, with further monitoring.
Company landlord members: a request to provide the address, date of birth and the contact details of all the owners, principals or directors of the company.
Agent members: the same checks as company landlord members, including a request for evidence that the protected deposit money is being kept in a segregated Client Money Account. Agent members also agree to comply with an unannounced visit from mydeposits to obtain the required information.
Remember, you can view the full eighth edition of the scheme rules right here and the significant changes from our seventh edition are outlined in our Resource Centre.