Jackson WillieHon WILLIE JACKSON (Labour): E tika ki te mihi ki a koe e te tuakana ka tae atu ki tēnei tūranga. Roa te wā mai i te wā i kōrero ki a koe e pā ana ki tēnei tūranga. Ngā mihi ki a koe! Tino whakahīhī a Rātana i tēnei wā ki te kite i a koe i reira ngā mihi ki a koe me tō tuahine Gaylene. Rawe tana mahi ki te kōkiri i te kaupapa e pā ana ki Te Rōpū Reipa. E tika ana ki te mihi ki a ia mō tana tautoko i a mātou i tēnei wā. Koutou katoa tēnei te mihi ki a koutou![It is fitting that I acknowledge you elder colleague having attained this position. It's been a long time since I last spoke to you about this position. Congratulations! Rātana will be very proud when they see you there so congratulations to you and to your sister Gaylene. Her work to champion the proposal relating to the Labour Party was wonderful. It is apt that she be acknowledged her for her support of us at this time. All of you I commend you collectively!]It's good that we're all into thankyous because I think that's a good way to approach the speeches at this time. So my first thankyou is to the—wonderful to see our great representative within our Māori caucus here as the Assistant Speaker. Some of us—no I won't say that. I think he's a great Assistant Speaker and for us we get a lot of pride out of seeing Adrian Rurawhe in that position so mihi nui ki a koe [congratulations to you].Also since we're into the thankyous just before I get into the bill I want to say it was really good to meet Harete over there—doing a great job for the area. Good to see National promoting Māori candidates. They haven't been too good at that in the past but now we're—Harete probably should be promoted to the front bench because the front bench has been embarrassing themselves in the last week. There's no doubt about that and poor Simon—Simon had a terrible time the other day eh? Oh it was terrible—Jonesy" walked all over him and stomped all over him. And as for Mr Goldsmith he needs to—Matt Doocey: I raise a point of order Mr Speaker. It would be helpful to get back to the bill.Hon WILLIE JACKSON: Oh I'm coming back to the bill—right.The ASSISTANT SPEAKER (Adrian Rurawhe): I thank the member for his intervention. Tika rā! Me hoki mai ki te pire.[Correct indeed! You must come back to the bill.]Hon WILLIE JACKSON: Kia ora. Thank you Mr Assistant Speaker. Coming back to the bill—coming back to the bill—Hon David Bennett: This is the worst speech out.Hon WILLIE JACKSON: The reality is though—oh come on let's not spoil it. We were going well. Kia tau te rangimarie.[Let the peace prevail.]Come on. You're sounding like the front bench OK? Actually you should be on the front bench. They did such a terrible job this week—terrible job. But kia ū ki te kaupapa [stick to the topic]. Do you know what that means? Stick to the point all right?The ASSISTANT SPEAKER (Adrian Rurawhe): Yes I do know what that means.Hon WILLIE JACKSON: Not you—sorry sorry. Mōhio au i tērā Mr Assistant Speaker. Rawe tō mahi![I know that Mr Assistant Speaker. You are doing a fine job!]I want to just come back to the point that I was saying which was that this is a very important piece of legislation because if we look at it in a Māori sense we need good information—we need good information. And people on this side and on that side—that's why I mentioned; I didn't just say "Kia ora" to Harete over there who's the new member over there—The ASSISTANT SPEAKER (Adrian Rurawhe): And the member needs to use the full name of members.Hon WILLIE JACKSON: Harete Hipango—a beautiful name. Married to someone I used to play rugby with. Yes. He wasn't a bad rugby player too. But anyway—Hon Member: It's not entirely relevant but it's true.Hon WILLIE JACKSON: It's true. I'm saying this because Māori need good advice. We know this Mr Assistant Speaker; you've been a previous Treaty negotiator. Tamati knows this. Kiritapu knows this—and we need good advice and we need this type of legislation and sometimes I feel—Hon David Bennett: Why isn't he reading the speech?Hon WILLIE JACKSON: I don't need to read the speech. We've heard some of the kōrero. Harete—she was talking about it and Deborah was talking about it. This is about the underdog and giving the underdog an opportunity. And that's a fact. And who are the underdogs? Māori—being ripped off constantly. They're being ripped off constantly and if you go through the Treaty settlements process sometimes I wonder if tribes should've been compelled to get proper financial advice—proper financial advice. You know I've even had the odd relation—Fletcher Tabuteau: Kia ora.Hon WILLIE JACKSON: Yes we agree—lose a whole Treaty settlement. I won't say his name tonight because he might come looking for me. He lost a whole Treaty settlement. Why? Because he thought that he was a wonderful financial adviser. And who suffered in the end? Our constituency. So we need a piece of legislation like this for the underdog—for the people who've been ripped off by National Party supporters and probably members.Hon Members: Ha ha!Hon WILLIE JACKSON: No I'm serious here because the reality is that this bill gives us an opportunity—Matt Doocey: I raise a point of order Mr Speaker. I take offence to that comment.The CHAIRPERSON (Adrian Rurawhe): The member takes offence to that statement and the member should withdraw.Hon WILLIE JACKSON: I withdraw. Thank you sir. I withdraw and I'll apologise. No doubt though you have to question the political affiliations of some of the people who would rip off your average person. Anyway coming back to the bill—we've got to stick to the subject here tonight. You know I commend everyone—like Tamati did. He must have commended every single person on that committee. He was even looking for people to commend. But well done to Tamati. I didn't know he was such an orator. But anyway coming back to the bill this is all about conduct you see—conduct. So what's the story here? There are some amendments to the financial markets area. In that area the Financial Markets Conduct Act 2013 significantly reformed New Zealand's financial market laws relating to a wide range of financial products and services—so I mean that's good you know. As expected given the size and complexity of the regime technical issues have emerged as industry began operating under the Financial Markets Conduct Act regime and this bill makes some minor changes to that Financial Markets Conduct Act to respond to these technical issues.So having an area like this where financial conduct is being examined is being practised and is being put out there is essential if we are going to get changes out there in the industry. As our lawyer and fine MP Deborah Russell said this is an opportunity for the underdog. Are there benefits? Well here are some of the benefits: the bill will improve access to and the quality of financial advice for New Zealanders. As I said with some of our iwi some of our tribes—well things have got a lot better but some of them in the early Treaty settlement times—Fletcher Tabuteau: Yeah back in the day.Hon WILLIE JACKSON: You know this eh? Most of them are your relations. But they needed absolute financial support and should have been compelled to get it before they started spending some of that money in areas they should never have touched. [Interruption] Absolutely. So the bill will improve access and quality financial advice for all New Zealanders—not just Māori—and it will make it easier for consumers to access financial advice and to make more confident and informed financial decisions. In particular consumers with simple needs or low levels to invest will be able to access the financial advice that they need.The other thing in this bill that is really good is that it will level the playing field because it's really hard if you're Māori if you're in the Labour Party if you're—Hon Members: Ha ha!Hon WILLIE JACKSON: No it's true—it's true.Fletcher Tabuteau: There's some rich fellas in the Labour Party.Hon WILLIE JACKSON: It's all right if you're in New Zealand First you know? You can get a big flash house like Shane Jones you know but if you're in the Labour Party this is a tough area. So the bill levels things out for some of the lefties basically who'll be able to get access to some equality in terms of the whole financial situation. I'm sick of it. I remember when I was young and you had every sort of rip off trying to sell you financial advice. So this bill will be a level playing field for the industry and reduce—I think this a really important area—undue compliance costs through the introduction of the firm-based licensing regime. So you know I think that's good for everyone.The main point I suppose is that the bill creates a new regulatory regime for financial advice and every New Zealander—it doesn't matter what colour: Māori Pākehā Pacific Islander Labour Party or even National Party—even though there's some questions about who's giving the financial advice out needs good financial advice. So I commend this to the House and I commend the committee who's been working on it and I hope that we're all in unity and support with regards to this bill. Kia ora anō tātou.Bill read a first time. Bill referred to the Economic Development Science and Innovation Committee."