Submission – Proposed amendments to retirement village fact sheets

Consumer Action (CALC), RRVV, HAAG and COTA Vic have provided feedback about the proposed amendments to retirement villages fact sheets.

The group do not oppose the proposed amendments to the fact sheets, but are concerned that this is not a good enough tool for protecting residents from entering into unfair contracts.

CALC says, "In addition to reading highly complex legal documents that often exceed 100 pages in length, residents are expected to read fact sheets, disclosure statements, the CAV website and the CAV guide in order to properly ‘inform’ themselves. Not only is this unrealistic, but it ignores significant academic research that indicates that disclosure is an ineffective consumer protection tool. Instead, we need to address the underlying unfairness and complexity of this market."

Read the submission here