Please amend the law to provide greater protections to tenants by banning insured deposit protection schemes.
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Currently, landlords must register tenant's deposits within 30 days and provide prescribed information.
There are two types of TDP schemes: (1) Insured and (2) Custodial Scheme.
The insured scheme allows the landlord/agent to keep control of the deposit for a fee.
We think there aren't adequate safeguards for tenants under this arrangement.
Tenants may have to go to court to get their deposit back - spending time and more money. Even with a court order against the landlord, the tenant may have to apply for enforcement if the landlord does not follow the order from the Court.