Green light for first tenancy deposit scheme in Scotland

The Scottish government has approved its first tenancy deposit protection scheme, The Letting Protection Service Scotland, which will launch on July 2.

The Tenancy Deposit Schemes (Scotland) Regulations 2011 came into force on March 7 2011 following approval from Parliament.

It then entered into a consultation process between December 2011 and January 2012, with the aim of approving at least one scheme by the end of March 2012.

The scheme has been introduced to tackle problems faced by tenants, including unfairly held deposits and delays in the return of deposits.

Under the regulations, landlords and letting agents are required to sign up to and protect deposits with an approved Scottish government deposit protection service, such as TLPS Scotland.

The regulations allow Scottish ministers to approve more than one scheme and in addition to TLPS Scotland, proposals have been received from SafeDeposits Scotland and My Deposits Scotland.