Is the UK Retention Deposit Scheme a bank?
The UK Retention Deposit Scheme is an independent scheme for the protection of retentions under construction contracts.
We provide segregated bank accounts for construction retentions under standard-form and bespoke construction contracts in England and Wales.
Is the UK Retention Deposit Scheme a bank?
No. The Retention Deposit Scheme is a trading name of DOS & Co., a registered payment service provider. Under its FCA permissions, DOS & Co. can carry out all services enabling cash to be placed on a payment account as well as all operations required for operating a payment account. For the Retention Deposit Scheme, however, DOS & Co. works as escrow agent, opening an account on your behalf and in your name at the Bank of London, which stores your funds unencumbered at the Bank of England.
