It’s not even the 1st July 2022, but already NSW Fair Trading has commenced with audits of NSW Retirement Villages to ensure that they have a compliant Asset Management Plan in place.
It hasn’t been easy for retirement village operators. With interruptions from Covid, floods and countless other challenges, finding the resources to implement the asset management plan requirements has certainly been a challenge. Understanding the intricacies of the legislation and guidelines has been an evolving process and those operators who have put of the AMP implementation will now find themselves at the mercy of a Fair Trading audit.
Thankfully our clients have been in a secure position knowing that they are compliant and can now build on their asset management plan to drive efficiency and cost effective decisions around their asset management. Even those operators who have come on board a bit late at least have evidence that their AMP is underway which should go a long way towards keeping NSW Fair Trading satisfied that compliance is imminent.
If your village doesn’t have their asset management plan in place, help is just a phone call away. We can implement a compliant asset management plan in a very short time frame.
The Weekly Source has reported on the audits here: https://www.theweeklysource.com.au/for-first-time-in-many-years-nsw-fair-trading-to-audit-retirement-villages/