CMA right to call for long-overdue transparency and change
ARCO has backed a report from the Competition and Markets Authority which criticises unjustified and untransparent fees levied on leaseholders.
ARCO is the standard setting body for Retirement Communities and is the main body representing providers of housing with care for older people in the UK.
It has long been calling for more transparency in all fees and charges, a commitment shared by its members through its Consumer Code and Standards Framework.
Such standards do not however exist in all sectors.
ARCO has also called for a new alternative to leasehold for the retirement community sector, which will provide consumer protection, transparency and flexibility to adapt to residents’ needs and preferences for services and care over time.
Michael Voges, Executive Director of ARCO said:
“We welcome this report – reform in this area is long overdue.
“Leaseholders need full transparency on costs and charges, and it is time to look at how this can be enforced throughout the existing leasehold system. At the same time, we would urge the government to look at how alternatives to the leasehold system could provide a dedicated framework for clarity and consumer protection in the retirement community sector.”
For Further Information Please Contact: www.arcouk.org