Deposit Protection Service

The Deposit Protection Service (DPS) operates as a government-authorised provider of tenancy deposit protection in England and Wales. Established in April 2007, the company has focused exclusively on delivering deposit protection solutions since its inception. The DPS is recognised as the largest provider of deposit protection schemes across the United Kingdom. Its primary objective is to ensure fair treatment for tenants at the conclusion of their tenancies, aligning with the legal obligations set out in the Housing Act 2004 for landlords and letting agents.

The firm's services are designed to be straightforward and accessible for all parties involved in a tenancy agreement. The DPS offers a choice of two distinct deposit protection schemes: Custodial and Insured. The Custodial scheme is a free service where the company directly holds the tenant's deposit for the entire duration of the tenancy, releasing it once both parties agree on the amounts to be returned. Alternatively, the Insured scheme allows the landlord or letting agent to retain the deposit, paying a fee to the DPS for its protection, with the landlord or agent responsible for its return at the tenancy's end.

The full deposit amount remains protected by the DPS throughout the tenancy period under both schemes, and the company ensures there are no annual membership charges, renewal fees, or hidden costs. The company prioritises user experience and support, offering a simple online service available 24 hours a day, seven days a week, designed to streamline deposit management. The DPS provides customer assistance via phone and email, and its commitment to service quality is reflected in an "Excellent" rating on Trustpilot, based on over 3,000 customer reviews. The firm further supports the industry through free training initiatives, having educated over 5,500 letting agents and landlords through dispute webinars since June 2020.

A comprehensive library of articles, videos, and other tools is also available to assist clients in managing tenancies and deposits effectively. 2 million deposits and served more than 535,000 clients across England and Wales. The company has also played a role in resolving over 100,000 disputes, demonstrating its experience in tenancy deposit resolution. The firm's operational focus remains solely on deposit protection, ensuring a dedicated approach to its core service.

While the company does not exclusively cater to Purpose-Built Student Accommodation (PBSA), its services are applicable to all assured shorthold tenancies, which encompasses student rental agreements. The DPS provides regular industry updates and a free quarterly DPS Rent Index, offering insights into the rental market.