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Government launches retirement village crackdown to save residents from dodgy contracts

The State Government has stepped in to bat for senior citizens after an inquiry found retirement villages were hiding key information in complex contracts.

The New South Wales Government has launched a crackdown on the village operators, introducing a mandatory code of conduct to prevent elderly Australians being taken for a ride.

A retirement village ambassador will also be appointed to keep an eye on behaviour.

Better Regulation Minister Matt Kean tells Ben Fordham senior citizens and their loved ones shouldn’t be forced to sift through complex contracts to find buried fees.

“You shouldn’t need a team of barristers to be able to understand a contract when entering a retirement village.

“We need more transparency measures to improve disclosure of key contract terms.”

Mr Kean says it’s acceptable for villages to charge exit fees, but residents shouldn’t be shocked when they’re hit with them.

“If they enter a contract, then they should know exactly the cost that they’re going to incur over the life of that contract.”

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