Estate Agent Today

The RICS has refused to be drawn into the row over TDS charging, while staying silent on rumours that it underwrote TDS for £500,000.

The organisation – along with the then separate organisations of NAEA and ARLA – backed the launch of TDS when it was a voluntary scheme, available only to RICS, NAEA and ARLA members.

The scheme went on to bid, successfully, when tenancy deposit protection became mandatory.

However, an RICS spokesman declined to comment on any financial details of its arrangement with TDS, saying these were confidential.

The spokesman went on: “RICS understands the need for these large increases since it is clear to us that the scheme has been under-funded in the past.

“If TDS is to continue to deliver a service to the market, then it needs to ensure it is financially viable.

“Massive and continuing increases in disputes over the last year, which have been handled to external targets agreed with CLG, mean that TDS has now had to increase its funding substantially at this time.

“TDS has acted now so it can continue to meet its short-term operational and long-term strategic development commitments.”