Retirement village contracts to be simplified: sector

Retirement village operators say they are moving to simplify and clarify contracts with residents after criticism from the government watchdog. The Commission for Financial Capability reviewed the rules and costs involved in residents' moving from independent living to rest home-type care facilities on the same site. It found that some contracts were so confusing that potential residents did not understand that the different facilities have different cost structures and regulatory regimes, and that transferring from one level of care to another is not necessarily a simple matter. Susie Ferguson talks with Earl Gasparich, the Chief Executive of Oceania Healthcare, who explains the new draft guidelines for Retirement Village Association members. Also National Manager of Retirement Villages for the Commission for Financial Capability, Troy Churton.