247 does not hold deposits, all deposits are registered with the DPS.
The Deposit Protection Service (The DPS) is the Government approved provider of custodial and insured tenancy deposit protection schemes. Tenancy Deposit Protection (TDP), as set out in the Housing Act 2004, requires that all agents/landlords protect their tenants' deposits under a statutory tenancy deposit scheme within 30 days of receiving a deposit. The DPS Custodial scheme will safeguard that deposit throughout the period of the tenancy and repay the funds to the appropriate parties in accordance with their instructions at the end of the tenancy period. The DPS is the only provider to offer a custodial deposit protection scheme - a scheme which is free to use and open to all agents/landlords. The service is funded entirely from the interest earned from deposits held. Agents/landlords can register and make transactions online, but paper forms are also available. The scheme is supported by a dedicated call centre and an independent Alternative Dispute Resolution (ADR) service.
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