Call for a single tenancy deposit system from Martin & Co

Deposits

The UK's largest dedicated letting agency Martin & Co has suggested that many letting agencies and landlords are contravening the Government legislation aiming to increase the security of tenants’ deposits, the Tenancy Deposit Protection regulations. It is argued that letting agents and landlords are failing to hold deposits in an approved deposit protection scheme as required and are still holding deposit monies themselves, thus facilitating misappropriation of client monies. Although Ian Wilson, the managing director, said that he is ensuring that all of his network’s offices are holding deposits in accordance with the regulations, the lettings franchise is therefore advocating use of a single tenancy deposit system whereby deposit money would be paid into a Government-bonded account by the tenant directly, to protect tenants from deceitful letting agencies and landlords. He says: "Be it deliberate negligence or unwitting ignorance, landlords or their agents who do not lodge deposits properly and adhere to the rules are not only jeopardising tenants' money but they are also exposing the landlord to harsh penalties."