CRIS-mas reading on retirement living reforms
Consumer Protection released the second Consultation Regulatory Impact Statement (CRIS) containing proposed reforms to the Retirement Villages Act on 11 December. This followed a meeting between the Property Council, National Retirement Living Council, the WA Retirement Villages Residents Association, other peak bodies and Consumer Protection with Commerce Minister John Quigley in late November.
This CRIS – the second in a series of six – is almost 200-pages in length and has taken some time for our members and experts to get across over the Christmas and New Year refrain. CRIS2 considers a range of reforms that would have a significant impact on the retirement living sector. To summarise, CRIS 2 looks at:
- Exit payment deadlines (buybacks)
- Definitions of refurbishment, repairs and replacement
- Mandatory property condition reports and inspections prior to village entry
- Separate mandatory reserve funds for maintenance and capital replacement
- Separating obligations of village landholders from village owners and village operators
- Adding new regulations of the village manager role in legislation
While our Retirement Living sub-committee is yet to meet to provide feedback and work on a way forward in responding, initial feedback from members indicates strong cause for concern about these issues. Our local advocacy team continues to work with our national retirement living team, as well as keeping communications channel open with the WA Retirement Village Residents Association and key industry allies in ensuring a strong and sensible response to this process.
We recently published an article with Business News’ free-to-read Skyline, talking about the problems with this particular review process. We encourage you to read and share it here.