The National Approved Letting Scheme (NALS) has moved to reassure agents on the likely impact to their businesses of the introduction of a government-backed tenancy deposit scheme, now confirmed to commence on the 6 April 2007, and their eligibility to meet entry criteria if they want to access an insurance-based scheme and hold client deposits.

The publication of an official commencement date puts an end to many months of speculation and provides a clear timeline for agents to audit their businesses, to consider whether an insurance or custodial based scheme meets their needs.

NALS believes that eight months to prepare will give responsible agents an adequate reference period to adopt new working practices, but will also depend on the actual scheme entry requirements being published as soon as possible by the eventual scheme administrator. This is information the organisation is keen to cascade to its members as soon as it becomes available.

NALS Operations Director, Isobel Thomson comments:

“Now that the commencement date has been announced, with a good period of lead time, agents have a firm foundation upon which to prepare for the introduction of a fundamentally new way of working. In the run up to April, firms should be assessing their current operating practices and in this period, NALS agents are certain to have a head start. There will be no excuse for leaving things too late.”

 Thomson concludes: “The stigma for a firm to have to tell their landlords they will be unable to join an insurance based scheme is clearly something that agents will want to avoid and with that in mind we have seen a marked upturn in applications for NALS accreditation”

As an industry wide accreditation scheme, NALS is open to any agent who meets its strict criteria, which includes the necessity to have in place client money protection insurance and to adhere strictly to defined service standards. Although the conditions for accessing the final scheme(s) have yet to be announced, NALS requirements continue to serve as a useful benchmark for agents looking to assess their own operating standards and performance.



Notes to Editor

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, maintain professional indemnity insurance and operate professional customer complaints procedures. For more information go to www.nalscheme.co.uk

For further press information please contact: Isobel Thomson, Operations Director, NALS, on 01242 581712 or John Gisborne at Splash Communications T: 01225 348008 E: jgisborne@splashcommunications.com

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