Wednesday, 02 August 2017
RETIREMENT VILLAGE REFORMS TO PROTECT LOCAL RESIDENTS
Member for Goulburn Pru Goward welcomed NSW Government’s new package of reforms set to benefit local retirement village residents.
Minister for Better Regulation Matt Kean said the package includes a four-point plan that will put consumers first and protect residents from potentially dodgy practices.
“Retirees have worked hard their whole life so I’ll be coming down on any operators who have not complied with the law,” he said.
“This plan will put consumers first by making contracts more transparent, giving residents the tools to compare costs, and cracking down on providers through a compliance blitz.”
Ms Goward said the plan also includes an inquiry that will make sure residents have the protections they deserve, while ensuring retirement village operators are complying with the law.
“Kathryn Greiner AO will head the inquiry, which will examine all registered retirement villages across NSW, and their compliance with the Retirement Villages Act 1999,” Ms Goward said.
“This inquiry will safeguard the rights of residents in local retirement villages, and be tough on those who take advantage of our seniors,” Ms Goward added.
The package also includes:
• An overhaul of the Retirement Villages Regulation 2009, which NSW Fair Trading recently sought feedback on, that included proposed changes requiring greater transparency around fees and charges in contracts;
• Introducing an online calculator that will help prospective residents, and their families, better understand the estimated costs of living in a retirement village; and,
• NSW Fair Trading launching a compliance blitz targeting NSW retirement villages.
“Our retirees have made so many valuable contributions to our local community; they deserve to live fulfilling, independent lives in the village of their choosing,” Ms Goward said.
“And these measures will work to bolster transparency and give current and future retirement village residents the details they need to make the most informed choice.”