The Deposit Protection Service (DPS) has revealed that it is now protecting over £1 billion of tenants’ money.

The DPS is currently safeguarding over 1.2 million deposits across England and Wales, totalling just over £1 billion. It is the UK’s largest tenancy deposit protection company.

“We’re very proud that so many landlords and letting agents trust us to protect their tenants’ money,” said Julian Foster, managing director of the DPS.

“It’s testament to the hard work of so many of my colleagues that such a large volume of money can be administered so smoothly, transparently, fairly and securely.

“With the rental sector expanding and evolving, The DPS will continue to play a leading role within the industry, focusing on rapid deposit repayment; clear, regular communication with landlords and tenants; and the provision of the best support, whether online, over the phone or in person at our unique training events.”

Since its foundation in 2007, The DPS has protected over 3.5 million deposits, worth over £2.8 billion in total. It offers a choice between schemes that are custodial – where it holds the money during the duration of tenancies – and insured – where landlords retain deposits.

Its custodial scheme is open to all letting agents, landlords and organisations, and there are no membership fees or qualifying criteria.

For its custodial scheme, The DPS repays all deposits within two calendar days on receipt of a jointly authenticated repayment instruction.