The Retirement Villages’ Residents’ Council spokesperson, Carol Shepherd, says a full legislative review of retirement villages, that is currently under way, needs to run its course.”
The Council submitted to the review, saying that there were fundamental changes needed, a few of which could be taken care of by code changes, while the majority need legislative amendments. The Ministry for Housing and Urban Development is due to report back to the Minister of Consumer Affairs, on the review by the end of the year.
Ms Shepherd says, “the Council eagerly awaits the Minister’s advice on the changes the government will advance for increased consumer protection for residents, whilst safeguarding the village experience residents choose.”
The Council hopes that the changes will include mandatory repayment of capital within set timelines, standardised ORAs, a new independent dispute resolution scheme, ensuring that residents who don’t share capital gains, do not have to share capital losses and the cessation of outgoings and fees when residents depart.
To view the Council’s full submission, click HERE
