DODGY operators of retirement villages have been put on notice to shape up or face tough new laws for the sector, the boss of a special inquiry into shonky practices in NSW has warned.
Ageing expert Kathryn Greiner delivered her blunt message after handing in her report into exorbitant fees and complex contracts in the state’s 653 retirement villages for the Berejiklia n government.
Fair Trading Minister Matt Kean, who ordered the inquiry after public revelations last year of elderly people being ripped off by overly complex contracts, excessive fees and misleading ads, is now considering what action to take.
Speaking to a Property Council of Australia forum attended by some of the state’s 267 retirement village operators, Mrs Greiner said: “We now have a royal banking commission going on in the federal government … you are on the cusp of deciding among yourselves how far you want to be legislated in or out of existence. And how far you want to come together and find a better way of doing business.” Many of the complaints involved exit fees charged when a retirement village occupant dies and the property is passed on to a relative. Some fees could be as high as 40 per cent — running into the hundreds of thousands of dollars.
Article by Clarissa Bye appeared in the Daily Telegraph
