# Security of Deposit with new Openrent deposit **URL:** \ **Category:** Landlord Discussion\ **Created:** [6 December 2024 10:37 UTC](https://community.openrent.co.uk/t/security-of-deposit-with-new-openrent-deposit/75174 "2024-12-06T10:37:39Z")\ **Posts on this page:** 12\ **Page:** 1
**Author:** ![Michael30](https://yyz1.discourse-cdn.com/flex031/user_avatar/community.openrent.co.uk/michael30/32/9425_2.png) [@Michael30](https://community.openrent.co.uk/u/Michael30)\ **Post date:** [6 December 2024 10:37 UTC](https://community.openrent.co.uk/t/security-of-deposit-with-new-openrent-deposit/75174/1 "2024-12-06T10:37:39Z")
I see that the standard Openrent deposit scheme has changed from deposit with the approved deposit taker to an insured scheme where the deposit keeper (Openrent Ltd) keep the deposit (and any growth ) and effectively an insurance policy is issued by the deposit taker in the event of Openrent defaulting. Obviously this will mean a huge number of deposits being kept by Openrent and I’d like to know; a) if this is effectively being used as working capital by Openrent or the new holding company or more properly held in trust by a reputable third party? b) How often is the insurer auditing Openrent to ensure the terms of the policy are being adhered to to ensure that a massive default by rule breaking followed by unrelated bankrupcy of Openrent will not result in tenants loss of deposits? It should be noted that Openrent’s cumulative losses to 2023 were almost £5 millions according to their published accounts and the founders no longer appear to be directors with significant control. ---
**Author:** ![Karl11](https://yyz1.discourse-cdn.com/flex031/user_avatar/community.openrent.co.uk/karl11/32/35316_2.png) [@Karl11](https://community.openrent.co.uk/u/Karl11)\ **Post date:** [6 December 2024 13:37 UTC](https://community.openrent.co.uk/t/security-of-deposit-with-new-openrent-deposit/75174/2 "2024-12-06T13:37:46Z")
See previous posts [Changes in the Deposit Registration Process - #22 by Daz](https://community.openrent.co.uk/t/changes-in-the-deposit-registration-process/74186/22) ---
**Author:** ![Colin3](https://yyz1.discourse-cdn.com/flex031/user_avatar/community.openrent.co.uk/colin3/32/450_2.png) [@Colin3](https://community.openrent.co.uk/u/Colin3)\ **Post date:** [6 December 2024 15:20 UTC](https://community.openrent.co.uk/t/security-of-deposit-with-new-openrent-deposit/75174/3 "2024-12-06T15:20:53Z")
I assume you went on Companies House to find out these details of losses and directors? ---
**Author:** ![Colin3](https://yyz1.discourse-cdn.com/flex031/user_avatar/community.openrent.co.uk/colin3/32/450_2.png) [@Colin3](https://community.openrent.co.uk/u/Colin3)\ **Post date:** [7 December 2024 19:18 UTC](https://community.openrent.co.uk/t/security-of-deposit-with-new-openrent-deposit/75174/4 "2024-12-07T19:18:25Z")
Michael30 . What is your source for this information? ---
**Author:** ![Colin3](https://yyz1.discourse-cdn.com/flex031/user_avatar/community.openrent.co.uk/colin3/32/450_2.png) [@Colin3](https://community.openrent.co.uk/u/Colin3)\ **Post date:** [9 December 2024 16:23 UTC](https://community.openrent.co.uk/t/security-of-deposit-with-new-openrent-deposit/75174/5 "2024-12-09T16:23:59Z")
Is it going to be another 3 years before a reply? Or was your comment pie in the sky? ---
**Author:** ![Michael30](https://yyz1.discourse-cdn.com/flex031/user_avatar/community.openrent.co.uk/michael30/32/9425_2.png) [@Michael30](https://community.openrent.co.uk/u/Michael30)\ **Post date:** [9 December 2024 17:46 UTC](https://community.openrent.co.uk/t/security-of-deposit-with-new-openrent-deposit/75174/6 "2024-12-09T17:46:23Z")
My comment is still awaiting approval. See Openrent at company house. ---
**Author:** ![Michael30](https://yyz1.discourse-cdn.com/flex031/user_avatar/community.openrent.co.uk/michael30/32/9425_2.png) [@Michael30](https://community.openrent.co.uk/u/Michael30)\ **Post date:** [10 December 2024 15:58 UTC](https://community.openrent.co.uk/t/security-of-deposit-with-new-openrent-deposit/75174/7 "2024-12-10T15:58:48Z")
Did you find the profit and loss accounts showing the losses? My direct link to the page is still being withheld. Strange behaviour for an open and straightforward organisation. They could also just answer the questions I asked. ---
**Author:** ![Michael30](https://yyz1.discourse-cdn.com/flex031/user_avatar/community.openrent.co.uk/michael30/32/9425_2.png) [@Michael30](https://community.openrent.co.uk/u/Michael30)\ **Post date:** [10 December 2024 17:08 UTC](https://community.openrent.co.uk/t/security-of-deposit-with-new-openrent-deposit/75174/8 "2024-12-10T17:08:40Z")
Yes see here - accounts and change to directors details . > **[OPENRENT LTD filing history - Find and update company information - GOV.UK](https://find-and-update.company-information.service.gov.uk/company/07749632/filing-history)** > > OPENRENT LTD - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, charges, business activity ---
**Author:** ![Colin3](https://yyz1.discourse-cdn.com/flex031/user_avatar/community.openrent.co.uk/colin3/32/450_2.png) [@Colin3](https://community.openrent.co.uk/u/Colin3)\ **Post date:** [10 December 2024 17:16 UTC](https://community.openrent.co.uk/t/security-of-deposit-with-new-openrent-deposit/75174/9 "2024-12-10T17:16:22Z")
I did see this but i am not great at accounts , when I get similar off my accountant,( for lower amounts) I cannot figure it all out, all I know is I make money and have enough in the bank.!!! There is a part there that says £18 million in the bank? ---
**Author:** ![Kate28](https://yyz1.discourse-cdn.com/flex031/user_avatar/community.openrent.co.uk/kate28/32/24695_2.png) [@Kate28](https://community.openrent.co.uk/u/Kate28)\ **Post date:** [13 December 2024 18:38 UTC](https://community.openrent.co.uk/t/security-of-deposit-with-new-openrent-deposit/75174/10 "2024-12-13T18:38:18Z")
excellent question!! ---
**Author:** ![Kate28](https://yyz1.discourse-cdn.com/flex031/user_avatar/community.openrent.co.uk/kate28/32/24695_2.png) [@Kate28](https://community.openrent.co.uk/u/Kate28)\ **Post date:** [13 December 2024 18:39 UTC](https://community.openrent.co.uk/t/security-of-deposit-with-new-openrent-deposit/75174/11 "2024-12-13T18:39:39Z")
it is just common sense! ---
**Author:** ![system](https://yyz1.discourse-cdn.com/flex031/user_avatar/community.openrent.co.uk/system/32/11_2.png) [@system](https://community.openrent.co.uk/u/system)\ **Post date:** [13 March 2025 18:39 UTC](https://community.openrent.co.uk/t/security-of-deposit-with-new-openrent-deposit/75174/12 "2025-03-13T18:39:43Z")
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