The Transfer of Intergenerational Wealth

"Families need to be aware that what we are talking about here is the transfer of intergenerational wealth, not to families, but into the pockets of large multi-nationals.

Shame about elderly people not having enough money for aged care."

Tom Gait, Retirement Village Residents Association.

Wednesday, 8 August 2018

RV Operator Charged For Abandoning Residents

Consumer Affairs Victoria reports -

"Consumer Affairs Victoria has commenced criminal proceedings against Stephen George Snowden, 51, of Ferntree Gully.

We allege that Mr Snowden operated the Berkeley Village retirement village in Patterson Lakes between July and September of 2017, when he was not permitted to do so.

We are seeking a financial penalty against Mr Snowden.

The matter will be heard at the Frankston Magistrates’ Court."

In a related story in the Sydney Morning Herald -

"Almost a year after state authorities urgently intervened in and then shut down Berkeley Living, where bedridden residents were left to fend for themselves in the wake of a staff walkout, Consumer Affairs Victoria has begun criminal proceedings against the man operating the retirement village.

Katherine Temple, a senior policy officer at Consumer Action Law Centre is quoted "the retirement housing industry wasn’t capable of self-regulation. Governments need to step in to ensure residents and their families are treated fairly.  Residents shouldn't have to spend the best years of their retirement fighting big business in court to get justice. We need an ombudsman to provide free, fair and independent dispute resolution."

Read the full story here - https://www.smh.com.au/business/consumer-affairs/retirement-village-operator-charged-after-abandoning-residents-20180807-p4zvzq.html


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Function of Government

The role of government is to create an environment for commerce to function whilst at the same time protecting retirees and particularly vulnerable retirees from both financial and emotional harm emanating from that function.

The Victorian Retirement Villages Act 1986 provides the environment for commerce to function but fails to fully protect retirees from financial and emotional harm as a result of it.

The Victorian legislative definition of a retirement village in demanding the payment of an 'in-going' amount without the transfer of property ownership is a major contributor to that financial and emotional harm suffered by retirees.


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