Consumer calls for faster return of retirement village payments

Consumer NZ is calling for a law change to speed up the return of retirement village payments if a resident leaves. The lobby group says retirement villages can be expensive, and when someone leaves they get their money back - minus management fees of up to 30 percent. But currently there's no timeframe set down for that repayment to happen, and that can leave residents and their families in a tough position financially. The government is planning changes to the Retirement Villages Act that would reduce wait times to no more than 12 months. But Consumer NZ says that can be too long for some. It's launched a petition this morning - Consumer's CEO Jon Duffy talks about why it's needed.