The Deposit Protection Service (DPS)

It is a legal requirement to place bonds in a government approved bond scheme. As part of the Housing Act 2004 the Government is introducing tenancy deposit protection for all assured shorthold tenancies (ASTs) in England and Wales where a deposit is taken. From April 6th 2007, all deposits paid under an AST should be protected within 14 calendar days of receipt by the landlord.
The funds are secured with UK Government approved banks, so for safe, secure and provide a straightforward deposit protection,  The amount held is normally the equivalent to a months rent.