Below is some information extracted from various sources as it’s important as a Landlord you are clear on how you should register your deposit and send the tenants the prescribed information.  You should make sure you follow your schemes guidelines to ensure your deposit is registered properly and any additional information is sent to them such as the schemes terms and conditions and tenants leaflet (as is the case with the Deposit Protection Service)

Failure to comply has two main consequences:

1. The landlord will be required to pay a fine of between one and three times the deposit amount to the tenant (s214(4) HA 2004); and
2. Fundamentally for landlords trying to obtain possession of their properties, if the deposit protection provisions have not been complied with, any section 21 notice served will not be valid and, as such, the landlord will not be able to obtain possession based on section 21 (s215(1) HA 2004)

More information can be found via the link below but the key points are

1. When the initial tenancy starts register the deposit and send the prescribed information within 30 days and ensure the tenants sign this.
2. When the tenancy comes up for renewal.
   1. If it’s for a fixed term send out fresh prescribed information stating the renewal date within 30 days of the renewal.
   2. If you are allowing the tenancy to roll onto a statutory periodic tenancy you still need to send our fresh prescribed information to your tenants stating within 30 days of the tenancy going periodic.

http://www.hardwicke.co.uk/insights/articles/the-strike-down-of-superstrike-where-are-we-now-with-tenancy-deposits