Financial abuse

Last year, in a joint ABC-Fairfax investigation, residents of the multi-billion-dollar retirement village industry described buying into a retirement village – even ones that were linked to aged care facilities – had been an unwanted “financial sinkhole”.

This report looks specifically how one of the nation’s largest aged care providers, Aveo, had been exploiting elderly residents of its villages.

The company’s alarming business practices included safety issues, misleading during its marketing, advertising and property sale and lease processes. The company’s legalistic sales contracts were described by some lawyers as “complex” and “draconian”.

Conversation starter

Have you or a loved one experienced financial abuse by an aged care provider? What happened in this instance? Were you or your family able to negotiate a fairer outcome with the provider? Had any contracts been viewed by an independent lawyer prior to signing? Was the matter reported to any authority? What was the eventual outcome?

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