The Deposit Protection Service (DPS) has retained the government contract for a custodial tenancy deposit scheme following a competitive tender.

The DPS is the largest provider of tenancy deposit protection in the UK.

Julian Foster, managing director of the DPS, said: “I’m delighted that the government has again chosen to entrust us with this substantial responsibility.

“This contract reflects the smoothness, transparency, fairness and security with which we have run the scheme over the last eight years – as well as its huge popularity among landlords and letting agents.

“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.”