Zero Deposit, backed by Zoopla has appointed ex-ARLA President, Peter Savage, as its new official spokesman.
Savage has held various roles within ARLA Propertymark, including two terms as president in 2015/16 and 2018/19.
He remains a member of the Propertymark board, a position he has held since 2015.
ARLA itself does not back any individual deposit replacement products and has not endorsed the sector itself, but has issued a factsheet that calls for agents to conduct due diligence on the schemes and describes them as “relatively unproven”.
Savage said: “I have watched the growth of the deposit replacement product market with interest. It offers a fantastic opportunity for landlords and tenants alike, but as with any new industry, it is liable to rogue entrants too.
“Much of my career has been spent raising standards in our industry and placing consumer protection and transparency at the heart.
“In the deposit replacement sector, it is crucial that landlords are fully aware of the level and consistency of their cover and that tenants fully understand what they are and are not covered for when they buy a deposit replacement product.
“To ensure this is the case, I firmly believe that deposit replacement should evolve as a regulated marketplace, and I look forward to doing what I can to promote this message and all of the safeguards and protections that regulation brings.”
The announcement came as Zero Deposit welcomed scrutiny of the emerging sector.
It was revealed during The Property Ombudsman conference that its consumer forum is frequently asked to look at deposit replacement schemes.
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