PART 4Financing and Accountability Requirements
Designated accounts10.
(1)
A scheme administrator shall hold one or more designated accounts for the purposes of regulation 9.
(2)
A scheme administrator must ensure that:—
(a)
tenancy deposits received by the scheme administrator are paid without delay into the relevant designated account;
(b)
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 at any time less than the total of the amounts of tenancy deposits held by the tenancy deposit scheme; and
(c)
each tenancy deposit held in a designated account is at all times attributable to the landlord on whose behalf it was paid into the account, as well as to the tenant to whom it relates.
(3)
A scheme administrator may only withdraw sums from a designated account for the following purposes:—
(a)
repayment of tenancy deposits in accordance with these Regulations; or
(b)
meeting the costs of the scheme, where this is a custodial scheme, from interest accrued.