O'Connor GregGREG O'CONNOR (Labour—Ōhāriu): It's very serendipitous that this bill is coming for its third reading today. I welcome the gallery full of I presume many people from the Mana electorate who will very proudly know that it was Kris Faafoi their MP before the current MP Barbara Edmonds who actually brought this bill to the House. I think on the day of his valedictory it is incredibly serendipitous that it is going through the House because this bill is about looking after those who are preyed on by institutions. Those of us who have electorates know and most people here have an office somewhere where often we have people who have come in who have found themselves in incredible financial situations and you don't need to dig very deep to work out many of them are paying for products they simply don't need. They were people who when they were confronted by someone selling them a product whether it be a relatively low-cost insurance one right up through to perhaps a loan that they could have actually got the money elsewhere. They are the people who do need some protection. Banks are very powerful institutions in particular. In fact they are such powerful institutions that they have had to be secured and saved many times in history with the most recent time in 2008 when most of them nationalised their debts because had they been let go we would have been in the 1929 situation. So what did the world do? The world printed lots of money to give to the banks so they could keep operating. Now that would have been a good way if that had been in some way returned to the public but all that happened was that money then was spent on houses and other things that we're now paying the price of. So the world does need protection—people do need protection—from these institutions. They are not bad people. I know a lot of people who work in the financial world and they're not bad people. They're doing the job they're incentivised to do and that's what this bill is about: making sure we don't provide perverse and wrong incentives to people to actually force them often against their will but because they need to make a living to prey on people who are the most vulnerable. That's what this bill is about. It's just ensuring that people who trust those who come in and there are people who trust those who come in with a degree who basically come from another side of town than they do and actually they don't have really the wherewithal or the ability to stand up—and they end up signing on the dotted line and that's why we need a bill like this. In fact some of the people whom this is giving protection to are those who will have been forced as part of their living to actually sell these products. It's quite interesting. The previous speaker Todd McClay talked about We don't need this in New Zealand. A lot of the talk about this came from what happened in Australia." Well when we start comparing ourselves with Australia yes like with many things we weren't as bad as the Aussies but boy that doesn't make us good. It just meant that actually we may not have needed quite the heavy fix that the Aussies needed and they did need a heavy fix as a result of their commission of inquiry. Anyone who wants some good bedtime reading read that commission of inquiry and you'll find out what goes wrong when you actually end up with the institutions running the manor. Sorry Mr Faafoi—Hon Kris Faafoi: No no—no no. GREG O'CONNOR: —I'm on a roll. Mr Faafoi was a whip in this House when I first arrived and the whips for those who don't know have ultimate power in this House. When they stand up they say "Shut up. You shut up." But Mr Faafoi you're on your last day—I'm going to talk for another 10 minutes and you're going to stop me. As they always say "Once a whip always a whip." Anyway I think I've forcibly made my point that yes there is absolutely a need for this legislation. Yes as a dying legacy of this member who is actually leaving here today if he can be proud of the many things he has done here he can leave and know that he's done his proud his ex-electorate people who need protection from those from financial institutions who prey willingly or not on them."