A RENEWED contract for the Island’s tenancy deposit scheme has been agreed.
First established by then Housing Minister Anne Pryke in November 2015, the scheme has been administered since inception by mydeposits Jersey, which has now been reappointed for a further three years, with the possibility to extend to 2030 “subject to performance”.
The deposits of almost 10,000 Islanders, collectively worth around £15 million, are currently managed through the scheme, which also provides a free, impartial dispute resolution service to ensure disagreements are resolved fairly and efficiently, without cost or the involvement of the Petty Debts Court.
Landlords are legally required to protect tenancy deposits using the approved scheme, which is funded through the interest earned.
Housing Minister Sam Mézec said: “The scheme plays a vital role in promoting fairness and trust in the rental market, giving both tenants and landlords confidence that deposits are protected and disputes are resolved independently and fairly.
“I remain committed to raising standards across Jersey’s rented sector and ensuring that renters benefit from a modern legal framework that delivers robust protections, affordability, and greater security of tenure.”
Mydeposits founder and chief executive Eddie Hooker said: “Since 2015, our role has been simple – to give tenants confidence that their money is protected, and give landlords the reassurance that any dispute will be handled fairly, impartially and at no cost to either party.
“This is a responsibility we take seriously, and we welcome the minister’s commitment to a rental market that is fair, transparent and well-regulated.”
