Letting agents raided more than £1m from tenants' deposit
schemes last year. Fourteen letting agents were prosecuted in the UK in 2016
for helping themselves to tenants' cash. Despite the Tenancy Deposit Scheme
being introduced to protect tenants' money, deposits can still be held in a
bank account controlled by the landlord or agent. Since 2007, landlords and
their agents have had a legal requirement to put every tenant's deposit in a
government-backed scheme, such as the Tenancy Deposit Scheme. But deposit money
can either be held in a custodial account run by the scheme, or it can be held
in a bank account, which the landlord or letting agent can access at any time.
Read more on the BBC.
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