Stuck in the retirement village trap

Exit fees and other hidden costs mean many retirement village residents can’t afford to leave. 

"In the view of one long-time advocate of retirement village residents' rights in Victoria, Charles Adams, these financial arrangements have long benefited village operators at the expense of residents. 
In 2002, Adams and his wife paid $400,000 to live in a unit in a village run by one of Australia's biggest operators. It wasn't a bad lifestyle choice, but in the ensuing years Adams has come to realise thathttps://www.choice.com.au/health-and-body/healthy-ageing/ageing-and-retirement/articles/retirement-village-exit-fees the deal was always lopsided in the village operator's favour."

Read the full story here - Choice Australia

Time for Federal Regulation of Retirement Villages

 "This article challenges the effectiveness of State and Territory regulation of retirement villages and calls for federal regulation of retirement villages by bringing retirement villages into the definition of ‘financial product’ in the Corporations Act 2001 (Cth) and in the Australian Securities and Investments Commission Act 2001 (Cth). As financial products, retirement villages would then be regulated by Commonwealth legislation which deals with financial services and financial markets, as regulated by ASIC. These laws include consumer protection provisions such as the prohibition of misleading or deceptive conduct, unfair contract terms, unconscionable conduct, licensing and high standards for those in the retirement village industry. This would result in a return to Commonwealth leadership of the regulation of retirement villages to harmonise and to consolidate the current mix of State and Territory regulation with federal legislation including an enforceable Retirement Villages Code of Conduct."

Take this link for the full article - Time for Federal Regulation of Retirement Villages

Retirement Village turned her life into Living Hell

ABC 7.30 Report - "Retirement villages were first created to care for Australians as they grow older, but the sector has now turned into a multibillion-dollar industry.

Amidst a drive for profits, some elderly residents are suffering. Adele Ferguson continues her expose into the scandal plagued retirement village sector."

Take this link for the full story: Retirement village operator Pinnacle Living accused of 'reckless harassment' of elderly resident"