Why TDS supports SAFEagent awareness week

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The Tenancy Deposit Scheme is a proud supporter of the SAFEagent scheme.www.safeagents.co.uk

Tenancy deposit protection was an important step forward in consumer protection when it became law in 2007, and since then tenants have been able to rest assured that they will be able to receive their fair share of deposit money.

Of course, if an agent goes bust deposit protection only exists to protect tenants’ deposit money. Requirements for letting agents to protect other client money such as their landlords’ rent are still sadly lacking. We support the SAFEagent scheme because it gives landlords and tenants the reassurance that should the worst happen they can still reclaim their money though their agent’s client money protection insurance.

Professional standards and consumer protection are important issues in an industry which remains unregulated. At TDS we give strong preference to letting agents who have voluntarily committed to regulation through professional body membership - ARLA, NAEA, NALS, Law Society, RICS, or UKALA - not only because of the client money protection they provide, but for the training, accreditation and standards which professional body membership brings.  The lower risk which comes with higher standards is reflected in the significantly lower rates we offer them.

Most consumers would no longer use a travel agent without an ABTA badge. We hope that SAFE will reach the same level of brand awareness whereby landlords and tenants only consider letting agents who display the SAFE agent badge; and we fully support SAFE in that challenge.