KATHRYN Greiner will head an inquiry to examine all registered NSW retirement villages and their compliance with the Retirement Village Act 1999.
Ms Greiner is the Ministerial Advisory Committee on Ageing Chair and recently conducted an internal review of the NSW Catholic school system.
Announcing the move at the weekend, Minister for Better Regulation Matt Kean said a new package of reforms would be aimed at putting power back in the hands of retirement village residents.
He said the inquiry is part of a four-point plan "to put consumers first by making contracts more transparent, giving residents the tools to compare costs, and cracking down on providers through a compliance blitz".
"I've asked Ms Greiner to conduct a thorough inquiry that will see NSW lead the nation in safeguarding the rights of retirement village residents, and be tough on those who take advantage of our seniors," Mr Kean said.
The package includes:
- An overhaul of the Retirement Villages Regulation 2009, which NSW Fair Trading recently sought feedback on, that included proposed changes requiring greater transparency around fees and charges in contracts;
- Introducing an online calculator to help prospective residents and their families better understand the estimated costs of living in a retirement village;
- NSW Fair Trading launching a compliance blitz.
The NSW Government move follows a joint Fairfax Media-Four Corners investigation into the business practices of retirement village operator Aveo that revealed safety issues and concerns including contract transparency and deferred management fees, or exit fees.
