The consumer is the winner with the introduction of a live public register for the retirement village sector in NSW.

NSW Fair Trading, which regulates the sector, said the public register is the latest reform to provide greater protections for consumers and improve transparency and accountability from the retirement village sector stemming from the 2017 inquiry into the sector led by Kathryn Greiner.

The register includes information about the village such as entry price and ongoing costs, the size of the facility, the type of residency, if it is co-located with an aged care operator and if there have been any complaints.

Previous changes from the inquiry include:

  • improved access to exit entitlements;
  • capping the period of time residents paid recurrent charges for general services; and
  • requiring operators to maintain and publish an asset management plan for each retirement village they manage.

“Choosing a retirement village can be a stressful time for both the retiree and the family, and this register helps answer some key questions about the financial position of the village in an accessible way.” NSW Fair Trading Commissioner, Natasha Mann (pictured), said.

Check out the public registry here.