Faafoi KrisHon KRIS FAAFOI (Minister of Commerce and Consumer Affairs): Just to address some of the questions that have come through from members who have taken a call so far in this debate. Can I begin with Deborah Russell and her inquiries around the code of conduct under this Financial Services Legislation Amendment Bill.There has been for some months now a code working group that has been slavishly working itself away through consultation with the sector to ensure that it gets what I would call some pretty common-sense things within the code of conduct itself. The member did ask about the make-up of the code working group ably led by Angus Dale-Jones. Probably when I think about the make-up of it a majority of them have been practitioners in the area but I can assure you—as the member inquired—there is certainly a strong consumer voice on that code working group to ensure that some of the suggestions that they came up with in the code do have a strong consumer within it.The code working group delivered a draft of the code to me at the end of February and we now have three months to consider that. In amongst that consideration along with the ministerial office looking at it also the Financial Markets Authority (FMA) has a duty to give feedback on it as well. Obviously the member asked a question about enforcement. The Financial Markets Authority will have the responsibility for oversight of that to a degree and also—and I don't want to give too much away because it hasn't been made public yet—it has within it the necessary qualifications so that there will be a bare minimum for those who are offering financial advice to consumers within that space. I noticed that Kiritapu Allan also talked about commencement dates. There is a transition period within the bill to enable the sector to get ready for the new regime—part of that being the new qualification regime—and I think that's important to make sure that we do give some time for the sector to get ready for the new environment.Just going towards some of the questions that Willow-Jean Prime asked around new section 431W set out in clause 27 around disclosure I think you'll see what I would have hoped would have been the point before this legislation came in around disclosure before receiving client money and when that should be done. That is pretty plainly set out in new section 431W. But also a little further down—and I think she alluded to the Australian royal commission—on page 31 under new sections 431Y 431Z and 431ZA and 431ZB there are some new pieces of a regime there around conduct obligations for financial service providers.This piece of work I think was done obviously foreseeing some of the issues that may have come down the line because of the Australian royal commission and concerns around the behaviour of financial advice providers in Australia and of course as I mentioned in my opening remarks some of the conduct that we saw from the review by the FMA and the Reserve Bank into banks and life insurance providers. I am glad that we took these measures well before the FMA and the Reserve Bank instigated their reviews because we recognised the importance of making sure that the financial advice sector was robust and that the issues around conduct and disclosure for the benefit of both the sector and the consumer were dealt with.We're obviously also looking at insurance through the insurance contract review and as a result of both the FMA review and the Reserve Bank review the gaps in the conduct and culture regulation will be addressed. We've already talked about the likes of soft commissions which are driving bad behaviour in the sector and at the end of the day that isn't in the best interests of consumers which is something that this Government has put very high on its priority list.