Dalziel Lianne: Financial Service Providers (Registration and Dispute Resolution) Bill — In Committee Third Reading 
Text is incorporated into the Bound Volume 
Dalziel Lianne: Financial Service Providers (Registration and Dispute Resolution) Bill — In Committee Third Reading 
[Sitting date: 23 September 2008. Volume:650;Page:19047. Text is incorporated into the Bound Volume.] 
Hon LIANNE DALZIEL (Minister of Commerce) 
: 
 I move  
That the Financial Service Providers (Registration and Dispute Resolution) Bill be now read a third time 
. I am confident that this bill coupled with the two other bills we have passed over the last couple of weeks will increase confidence in the financial sector. They are all very timely instruments to provide that degree of support. I welcome in particular the availability of a register for financial service providers and also for all consumers having access to redress. These are mechanisms that will both result from this bill.  
Hon Clayton Cosgrove 
: It’ll help John Key—those transactions. 
Hon LIANNE DALZIEL 
: I understand that my colleague is chipping in on me from behind in order to make particular points and I am simply responding to him so that it is recorded in  
Hansard 
.  
Hon Clayton Cosgrove 
: Well what is Tranz Rail? 
Hon LIANNE DALZIEL 
: Well if I had that number of shares and could not remember whether I—anyway it does not matter; we will not go there.  
The provision of registration requirements enables a negative vet to occur in respect of people who are acting as financial service providers. I acknowledge the very passionate contribution from the Maori Party member Hone Harawira because I thought that his contribution picked up a very important aspect of this legislation that a lot of people have not quite recognised. It is that by requiring every financial service provider in this country to register we will be putting the spotlight on some people who do not want to have a spotlight shone upon them. I think that it is very important that we have this legislation in place in order to achieve that. That means that the loan sharks themselves will all have to line up to be registered but guess what? They will find out that if they turn up to be registered but are undischarged bankrupts; or are persons prohibited from being a director or a promoter of or concerned in the management of an incorporated or unincorporated body under the Companies Act the Securities Act the Securities Markets Act or the Takeovers Act; or are persons subject to a management banning order under one of those Acts or to an order under section 108 of the Credit Contracts and Consumer Finance Act; or have been convicted of an offence against sections of this particular legislation within the past 5 years; or have been convicted of basically a fraud or dishonesty offence under the Crimes Act within the past 5 years; or have been convicted of money-laundering offences or of an offence relating to the financing of terrorism; or are persons who are subject to a confiscation order under the Proceeds of Crime Act then those people will not be able to register as financial service providers. Although this legislation does not go as far as the fit and proper person test that will be required of people involved in non-bank deposit taking this is very good legislation in terms of providing some basic protection for those who may need that protection and we have heard about those people.  
I will also comment briefly about how important it will be to have access to redress mechanisms but in so doing I will acknowledge again the banking sector and the insurance and savings sector which have already established their own excellent mechanisms to support those sectors to adhere to codes of practice that enable consumers to have their complaints addressed. They have been extremely helpful to work with in developing this legislation and very supportive of it and now we will see consumer dispute resolution services available across the board. That provision will of course be handed over to my colleague the Hon Judith Tizard who unfortunately is not able to participate in this debate but as the Minister of Consumer Affairs it is right and proper that the provision relating to the implementation of the consumer dispute resolution services transfer to her.  
I would again like to acknowledge the officials. Again we have had tremendous support from the Ministry of Economic Development and in this particular instance the Ministry of Consumer Affairs as well. I will mention parliamentary counsel again too. Although the challenges were not quite as great with this bill as they were with the Financial Advisers Bill which was virtually a rewrite in this particular case the Parliamentary Counsel Office was again able to deliver to a very tight time frame. I want to again acknowledge the members of the Finance and Expenditure Committee for the work they have done and also the submitters for their very helpful contributions. There was no controversy surrounding this bill because everyone sees the sense in it. I am very grateful to have the opportunity to express my support to the Opposition for its assistance in this regard as well and I commend the bill to the House.