Dodgy retirement village operators in NSW are in the Berejiklian Government's firing line, with a new suite of reforms to be rolled out targeting the troubled aged care sector.
Minister for Better Regulation Matt Kean announced the crackdown on Sunday which includes a four-point plan designed to safeguard retirement village residents from exploitative practices.
"Retirees have worked hard their whole life so I'll be coming down on any operators who have not complied with the law," Kean said in a statement.
"This plan will put consumers first by making contracts more transparent, giving residents the tools to compare costs, and cracking down on providers through a compliance blitz."
As part of the clampdown, Kean said the government would launch an inquiry to make sure residents were adequately protected from unscrupulous practices.
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Social advocate Kathryn Greiner would head the inquiry into all registered retirement villages across NSW and their compliance with the Retirement Villages Act 1999, the government said.
Kean said that NSW Fair Trading powers would also be beefed up so that the agency had the necessary powers to ensure retirement village operators were legally compliant.
He said the reform package also included an online calculator so that families could better estimate the cost of retirement living and a NSW Fair trading blitz of retirement villages.
The regulation overhaul comes in the wake of a joint Fairfax Media and ABC investigation that revealed questionable practices by Australian retirement village giant, Aveo.
NSW Minister for Ageing Tanya Davies said she wanted residents to live fulfilling, independent lives in their chosen retirement village.
"While retirement villages offer a great living option for many seniors, we need to ensure the laws in place appropriately protect their financial and physical independence," she said.Suggest a correction