Designated accounts
This section has no associated Executive Note
17. A scheme administrator must follow appropriate accounting and administrative practices to ensure that—
(a)tenancy deposits received by the scheme administrator are paid without delay into the relevant designated account;
(b)at all times the sum at the credit of the designated account, or where there are more such accounts than one, the total of the sums at the credit of those accounts, is not less than the total of the amounts of tenancy deposits held by the tenancy deposit scheme; and
(c)at all times each tenancy deposit held in a designated account is attributable to the landlord on whose behalf it was paid in to the account, as well as to the tenant to whom it relates.