NALS NEGOTIATES PREFERENTIAL ENTRY RATE FOR ACCREDITED FIRMS INTO TDS LTD SCHEME

28 February 2007

The National Approved Letting Scheme (NALS) has negotiated a reduced annual subscription to TDS Ltd's insurance-based tenancy deposit scheme.

As part of the Government-supported accreditation body, NALS members will pay £818 , rather than £997, giving NALS members recognition of the standards they meet and a saving of almost 50 per cent compared to the rate payable by non-affiliated firms:

“It's positive news, commented Caroline Pickering, NALS Chair. “Our accredited firms will also benefit from the accelerated application process and as far as we understand, automatic acceptance into the TDS scheme.

“However, this is just one of the three schemes that our firms can register with and we are in the unique position of being able to negotiate with both of the insurance based schemes to obtain the best entry rates for NALS accredited firms. We do recommend that firms consider all the options open to their business to find the most suitable route.

“We are also in the final stages of discussion with the National Landlords Association (NLA) whose scheme is open to both landlords and agents regarding the best rates for NALS firms and hope to be able to release those details shortly.”

However, deposit protection is only one piece of the jigsaw for consumer protection in the private rented sector. The commitment of NALS accredited firms to clearly defined standards of customer service is exactly what the consumer will be looking for from their agent. Pickering believes that as awareness of the tenancy deposit scheme grows, consumers will begin asking more questions of their agents and seeking further assurance of their credibility and reliability:

“With incoming legislation for both the letting and sales sectors, our industry is under the spotlight – particularly as consumers become more aware of how these changes affect them. As an independent accreditation scheme backed by the Government, NALS firms are well placed to give consumers the peace of mind they seek. The standards that have to be met by all agents are testimony to reputable practice - and will ultimately, help to secure their business.”

For more information on Tenancy Deposit Schemes, look up www.communities.gov.uk and for more information on NALS, look up www.nalscheme.co.uk


Notes to editor

There are three Government approved scheme administrators:

  • Computershare Investor Services plc will run the single custodial deposit scheme, with the Chartered Institute of Arbitrators providing the Alternative Dispute Resolution (ADR) service. www.depositprotection.com
  • The Dispute Service Limited will run an insurance-based scheme directed primarily at letting agents. It will also run the scheme’s ADR service. www.tds.gb.com
  • Tenancy Deposit Solutions Limited will run an insurance-based scheme, sponsored by the National Landlords Association and administered by Hamilton Fraser Insurance, which will be directed primarily at landlords. The Chartered Institute of Arbitrators will be the principal provider of ADR to the scheme. www.landlords.org.uk or www.mydeposits.co.uk
About NALS

NALS is backed by the Government and leading professional bodies and is the most reliable benchmark for landlords and tenants to compare the standards of service they receive from residential lettings agents. All members of the scheme offer client money protection cover, maintain professional indemnity insurance and operate professional customer complaints procedures. For more information visit www.nalscheme.co.uk

The National Approved Letting Scheme board comprises:

Caroline Pickering (Chair), representatives from RICS, ARLA and NAEA who are Directors of the Scheme, alongside representatives from DCLG, the BPF and the Housing Corporation.

For further press information please contact:
 Isobel Thomson, Operations Director, NALS, on 01242 581712
Contact Kate Groves at Splash Communications
T: 01225 348006 E: kgroves@splashcommunications.com