Craig Bennett, President of the Retirement Village Residents Association, wants residents to have a greater say in the Asset Management Plan, disliked by both residents and village managers.
In a submission to NSW Fair Trading on the proposed Retirement Villages Regulation, Craig writes how the inadequacy of the regulations around the Asset Management Plan will be replicated despite the department’s attempt to make it better for both operators and residents.
“We do not believe the costs will be reduced despite the simplification of the plan. Experience to date has been that some operators will do all they can to allocate disproportionate costs of operating the plan (in some costs over $50,000 per annum) on to residents,” Craig said.
He said the proposed regulation by NSW Fair Trading has “certainly reduced the burden on operators but that has resulted in less transparency and little benefit for residents”.
To read the RVRA’s submission to NSW Fair Trading in full, click here
