ABC’s 7.30 Report: “Consumer rights group push for ombudsman to oversee retirement village sector”

Last month started off with a the 7.30 Report featuring Consumer Action Law Centre chief executive Gerard Brody calling for a nationwide enquiry to ensure consumers were protected in the ‘booming’ retirement village sector. He likened the sector to financial services: “These are investments after all” he said.

Referring to the Deferred Management Fee, Brody said he doesn’t object to operators making a profit “but it’s not their money. It’s the people’s savings from over the years, typically older people, and their losing it, it’s just…. It’s terribly wrong”.