No – however if you grant a new ‘replacement tenancy’ on or after 1st June 2019, you are deemed to be ‘taking a payment’ for the deposit for the new tenancy and any amount exceeding 5 weeks rent becomes a prohibited payment if it is not repaid within 28 days. (Superstrike Ltd v Rodrigues [2013] EWCA Civ 669). The guidance on the tenant fees act says:

Q: If a tenant paid a tenancy deposit which exceeds the cap before 1 June 2019, do I need to re-pay the amount of the deposit above the cap?
No. Landlords and letting agents are not obliged to immediately refund part of a tenancy deposit that is above the cap but was paid before 1 June 2019.

Further Reading

Tenant Fees Act 2019: Guidance for landlords and agents

Deposit Protection for Statutory Periodic Tenancies and Renewals – Superstrike Ltd v Rodrigues 2013 {Landlords Guild}

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