Monday, 25 June 2018

NSW Retirement Village Reforms Fall Well Short

Media reports of announced retirement village reforms for New south Wales appear to fall well short of what is needed to fully protect retirees. A significant omission was the establishment of an industry Ombudsman.

This report from ABC News:-

"Retirement villages will have to abide to a mandatory code of conduct — and will be policed by retirement village ambassador — in a range of sweeping reforms set to be introduced to the sector in New South Wales.

Some of the recommendations included:

  • Improving up-front disclosure provided to prospective residents, making it simpler to understand the critical terms and conditions.
  • A legally-binding exit fees and charges statement is provided early in the process.
  • A requirement for operators to provide residents with an opportunity for a regular contract check-up during their occupancy.
  • A requirement for an operator to buy back the unit after a maximum timeframe from a resident leaving the village that is a registered interest holder.
  • Simplifying the funding arrangements for maintenance.
  • Fairer dispute resolution processes.
  • Increasing Fair Trading's oversight of retirement villages through targeted compliance activities that focus on retirement villages.
  • The introduction of a code of conduct."


Full story here - http://www.abc.net.au/news/2018-06-24/retirement-reforms-coming-as-nsw-gets-ambassador/9904092


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