Fairer NSW retirement village law

New laws make retirement village arrangements more transparent and accountable and puts more power into the hands of retirees and their families.

 

The Retirement Villages Amendment Bill 2018 which was passed into law in November 2018, gives greater protection to retirees and their families based on the Kathryn Greiner AO report's 17 recommendations (starting on page 10 of the report), including:

  • a mandatory Code of Conduct for all retirement village operators
  • better transparency for contract terms, exit fees, and living costs before signing a contract
  • improved dispute resolution and mediation services, managed by NSW Fair Trading.

 

Minister for Better Regulation Matt Kean said our senior citizens have contributed greatly to the community and it’s heartbreaking to see some of them forced to go through negative experiences later in life.

 

“This reform goes a long way to ensuring retirement village residents and their families get a fair go,” Mr Kean said.

 

“We have listened to the concerns raised, and taken strong action to address the shortcomings in the industry. We’re putting consumers first. I’m confident these changes will hold operators to account, while also providing peace of mind for residents who can access support if they need it.”

 

9 December 2018.