Retirement Commission - Web Capture - Statutory Supervisors

A Statutory Supervisor is a person (often a chartered accountant, lawyer, or trustee company) appointed under section 93 of the Retirement Villages Act 2003. They are approved by the Registrar of Retirement Villages and must meet prescribed criteria for independence and competence. - Trust companies (e.g., Perpetual Guardian, Public Trust) - Accounting firms with specialised knowledge - Law firms with retirement village expertise - Specialist corporate trustee companies Under the Act, the Statutory Supervisor has specific legal powers: The Statutory Supervisor reviews: - Annual financial statements and audit reports - Operator solvency and financial viability - Fee increases and whether they comply with the ORA - Capital repayment funds held for departing residents - Disclosure statements are provided on time and are accurate - Cooling-off rights are respected - Village rules comply with the Code of Practice - Residents' committee consultation requirements are met - Complaints are properly handled by the operator When a resident raises a concern: - The Statutory Supervisor acknowledges receipt - Investigates by reviewing documents and speaking with both parties - Issues a written finding - If the operator is at fault, requires corrective action - If the issue is systemic, reports to the Registrar - Available to attend residents' committee meetings - Provides annual updates on their work - Can explain residents' rights under the Act and Code