866. Arrangements for securing availability of tenancy deposit schemes.

Under the tenancy deposit scheme, the appropriate national authority1 must make arrangements for securing that one or more tenancy deposit schemes are available for the purpose of safeguarding tenancy deposits paid in connection with shorthold tenancies2. For these purposes a 'tenancy deposit scheme' is a scheme which3:

  1.  

    (1)     is made for the purpose of safeguarding tenancy deposits paid in connection with shorthold tenancies and facilitating the resolution of disputes arising in connection with such deposits4; and

  2.  

    (2)     complies with the statutory requirements for tenancy deposit schemes5.

Such arrangements must be arrangements made with any body or person under which the