Deposit scheme protects landlords and tenants

The Scottish Government has granted a licence to SafeDeposits Scotland to run a tenancy deposit scheme in Scotland. From July 2, landlords in receipt of a tenancy deposit will have to transfer the deposit to a licensed operator, such as SafeDeposits Scotland, to ensure they are securely held and that any dispute about their eventual return is resolved quickly by an independent party.

Chaired by Sir Andrew Cubie CBE, SafeDeposits Scotland is unique among scheme providers in that it is a partnership of Scottish landlord, agent and tenant organisations, backed by an experienced provider already operating in England.

Unlike other operators, SafeDeposits Scotland is a not-for-profit organisation and any surpluses generated will be gift aided to its sister charity, SafeDeposits Scotland Trust. This charity will be a grant-giving charity designed to promote education, training and best practice in the private rented sector in Scotland.

Malcolm Lindo, managing director of SafeDeposits Scotland, said: “We are delighted to have received our licence to operate a tenancy deposit scheme in Scotland. We now have our sights on the next milestone, July 2, when we will be able to receive landlords’ property details and start protecting deposits.”

John Ferguson, director of development and programmes, Scottish Council for Voluntary Organisations, said: “Most landlords and tenants act fairly but where unscrupulous behaviour exists SafeDeposits will put a stop to it. Better still, the SafeDeposits Scotland Trust will put any surpluses to public good by promoting education, training and best practice in Scotland’s private rented sector. It really is a win-win all around.”