The NSW Government has announced an inquiry into retirement village operators across the state, saying it wants the industry "cleaned up" and made more transparent to stop residents being ripped off.
The move comes after a joint investigation by the ABC's Four Corners and Fairfax Media into retirement village company Aveo that uncovered exorbitant fees and complex contracts, described by some residents as "financial abuse of the elderly".
Minister for Better Regulation Matt Kean said retirement village operators had "too much power" and needed to be reined in.
"I'm sick and tired of hearing the horror stories of our retirees being taken for a ride. I will come down hard on any operators that I find operating outside the law," he said.
To read the full article from the ABC click here.
Photo: Rosie O'Beirne