FAIR GO FOR REGION’S RETIREES UNDER RETIREMENT VILLAGE REFORMS

Wednesday, 27 June 2018

NORTHERN Tablelands MP Adam Marshall has today announced that the region’s retirement village residents will be the big winners under a series of proposed NSW Government reforms to the sector.

The reforms are based on the outcomes of the recent Statewide Inquiry led by Kathryn Greiner AO.

“Residents across the Northern Tablelands heading into retirement will benefit significantly from these reforms, which put the power back in their hands,” Mr Marshall said.

“This is about ensuring more transparency so they genuinely have a fair go if they choose to move into a retirement village.”

Mr Marshall said the government welcomed the ‘Greiner Report’ and would take action to implement the recommendations.

“These reforms will put retirement village residents and their interests first and see greater protections for them through increased transparency, improved dispute resolution and more certainty around costs,” he said.

The package of reforms includes:
• Implementing a mandatory Code of Conduct to set the standard for retirement village operators and to stamp out unscrupulous behaviour;
• Introducing strong transparency measures to improve disclosure of key contract terms and exit fees and to drive competition in the sector;
• Improved dispute resolution services for residents; and
• Measures to help clarify responsibilities with respect to ongoing maintenance costs.

The government will also appoint a dedicated Retirement Village Ambassador to act as a voice on behalf of residents and report back on key issues.

Mr Marshall said there were already more than 55,000 residents living in NSW retirement villages, however, this number would continue to grow significantly due to the ageing population.

“Local residents deserve to be able to live independent and fulfilling lives in their chosen retirement village, which is why it’s so important we improve our laws to increase confidence in the sector now,” Mr Marshall said.

The Inquiry was ordered by the government after a series of concerning reports about alleged misconduct in the sector and ran from August to December 2017.

It included extensive consultation with the public, key stakeholders and industry experts, received about five hundred written and online submissions and more than five hundred people attended Statewide community forums.

For more information on the New South Wales Government response, or to read the ‘Greiner Report’, visit fairtrading.nsw.gov.au

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