Further OFT investigations led to several home improvement organisations agreeing to undertakings mandating their membership of a deposit protection scheme.
Landlords will also need to handle their deposits in accordance with the government-authorised deposit protection schemes when there is a change of tenant.
As well as offering tenants greater protection, it means that many more landlords are to consign their tenants' deposits into one of the recognised deposit protection schemes.
All insolvent banks should be bankrupted immediately with only small depositors reimbursed within the limits of the existing deposit protection scheme.
Cleaning costs and unpaid rent are the top reasons why deposit money is withheld when a tenant moves out of a rented property, deposit protection scheme mydeposits has found.