Central Coast retirement village residents will be the big winners under a series of proposed NSW Liberal National Government reforms to the sector, Parliamentary Secretary for the Central Coast Scot MacDonald MLC and Member for Terrigal Adam Crouch MP said today.
The reforms are based on the outcomes of the recent state-wide Inquiry into the sector led by Kathryn Greiner AO.
“Central Coast residents heading into retirement will benefit significantly from these reforms, which put the power back in their hands,” Mr MacDonald said.
“This is about ensuring more transparency so they genuinely have a fair go if they choose to move into a retirement village.”
Mr Crouch said the Government welcomed the “Greiner Report”, and will take action to implement the recommendations.
“These reforms will put local consumers first, and see greater protections for retirement village residents through increased transparency, improved dispute resolution and more certainty around costs,” Mr Crouch 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, 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 NSW Government will also appoint a dedicated Retirement Village Ambassador to act as a voice on behalf of residents, and report back on key issues.
“Retirees on the Central Coast deserve to be able to live independent and fulfilling lives in their chosen retirement village, which is why it’s so important we act to improve laws to increase confidence in the sector,” Mr Crouch said.
For more information on the NSW Government response, or to read the “Greiner Report”, visit www.fairtrading.nsw.gov.au