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Consultations & legislation
01 June 2006
Consultation on proposal to allow exemption from Financial Services Regulation for custodial and insurance-based Tenancy Deposit schemes.
The Housing Act 2004 set a number of requirements for landlords/their agents in relation to taking deposits from tenants. Where landlords, or their agents, require tenancy deposits, those deposits will be safeguarded by Government sponsored Tenancy Deposit schemes. ODPM proposes to introduce custodial and insurance-based Tenancy Deposit schemes. Both kinds of scheme potentially fall within the definition of a collective investment scheme in FSMA.
This consultation document seeks views on allowing exemption from Financial Services Regulation for custodial and insurance-based Tenancy Deposit schemes. This would be done by amending the Schedule to the Financial Services Markets Act 2000 (Collective Investment Schemes) Order 2001 which sets out arrangements which are not to be regarded as collective investment schemes for the purposes of the Financial Services and Markets Act 2000.
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