Minister for Better Regulation and Innovation, Kevin Anderson MP, today announced the completion of a wave of spot checks to better protect retirement village residents and their families.
Mr Anderson said Fair Trading Inspectors last week conducted an operation in metropolitan Sydney to ensure Retirement Villages were compliant with NSW regulation and Legislation.
“Residents of NSW deserve greater peace of mind when their loved ones to buy into a retirement village, which is why we are working harder to not only carry out more spot inspections of villages, but also to educate residents about their rights,” Mr Anderson said.
Inspectors found operators to generally compliant with the law but minor issues relating to administrative areas were identified. Fair Trading will work with those operators to rectify those issues.
“These spots check are just a part of our plan to reform the industry and provide a fairer system to residents in NSW,” Mr Anderson said.
“Following the introduction of new legislation last year, we will be introducing annual contract check-up meetings with operators, new requirements for emergency plans and a new auditor appointment process in this year alone.
“And to further our reform agenda we will be moving to introduce a 42-day limit on the length of time villages can charge for general services after the departure of a resident, and mandatory sale or buy back periods for owners who want to sell their property and leave a retirement village NSW.”
Mr Anderson said Fair Trading will continue its routine inspections of retirement villages across NSW to ensure that residents are better protected.
For more information about the reforms visit the Fair Trading website.