The Scottish government has granted a licence to Safe Deposits Scotland to begin running a deposit scheme in the country.

From July 2nd, landlords who have received a tenancy deposit will have to transfer the money to a licensed operator to ensure it is held securely.

It is also hoped that the scheme will help to resolve any disputes about the eventual return of the deposit at the end of the tenancy.

John Ferguson, director of development and programmes, Scottish Council for Voluntary Organisations, said that the majority of landlords and tenants act fairly but some are unscrupulous.

He explained that the new scheme will help to put a stop to this behaviour, before noting that any surpluses will be used to promote education, training and best practice in Scotland’s private rented sector.

Sarah Speirs, Director of RICS Scotland, praised the new licence, before adding: “As a professional organisation with a royal charter to act in the best interests of the public, RICS considers that stronger regulation of the private rented sector is to be welcomed.”

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