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Two separate probes are underway into legal protection for Retirement Village residents, but advocates say they're taking so long, many won't be around to see the results.
55,000 New Zealanders live in retirement villages but residents have long complained about unfair terms that leave them out of pocket - backed by the Retirement Commissioner, who has said they have less protection than tenants in the private rental market.
After years of lobbying, a review into the Retirement Village Act is now being conducted by the Ministry of Housing and Urban Development, and in May the Commerce Commission launched an investigation into potential breaches of the Fair-Trading Act. Neither is expected to report til at least next year.
Brian Peat, President of the Retirement Village Resident's Association and Graham Wilkinson, the president of the Retirement Village Association speak with Kathryn. Joined by financial commentator, Janine Starks.
