Tabuteau FletcherFLETCHER TABUTEAU (Deputy Leader—NZ First): Thank you Madam Assistant Speaker for this opportunity to speak to the Financial Services Legislation Amendment Bill. I just wanted to start by acknowledging the members opposite because this was a piece of legislation where the Ministry of Business Innovation and Employment (MBIE) was required to do a review which they undertook in around 2015-16 and to be frank they found a few problems with the existing regime for financial advice and so that was brought to Parliament under the previous regime. I suppose what the public can take assurance in and see I don't know a positive pathway for legislation is that it was started under the National Party Government and it's continued and it's continued with a great sense of positivity in terms of the select committee process and the way that the two sides of the House have worked together—so a great example of collegial work in Parliament. What MBIE did was they consulted extensively with the industry with consumers obviously. They put out several consultation documents and actually they put out an exposure draft bill for consultation. So what happened then I suppose is the fruits of what we're seeing now—the fruits of those efforts is what we're seeing now. I would kind of summarise the Government's position by saying good financial advice is core to I don't know good household operation—Kieran McAnulty: That's right. Dead right.FLETCHER TABUTEAU: —yep thank you—and people having confidence with their moneys and particularly the likes of KiwiSaver where financial advice in that area is so core. Actually the Government's undertaking further pieces of work which I won't go into here in the third reading just to drill down and make sure that people with KiwiSaver which is more and more of the New Zealand workers and population can have more and more confidence. This is one of those processes where they will go and seek advice and they can be sure for example that the people they are seeking advice from are working from a comprehensive code of conduct. So we want New Zealanders to have those tools to make wise decisions with their money. A sad statistic in my notes here is that 68 percent of New Zealanders do not have confidence with their money. So in that it speaks to the strong necessity of not only the provision of financial advice but as the review from MBIE found sound advice that people can trust. I think it was the previous speaker on this side who spoke about the confidence for people to engage in savings and having a sense of confidence that the people giving them advice are actually working to their best interests which is a large part of what this legislation is about. So to that I think I will take the time in this reading just to outline the three main parts of the legislation. So it overhauls the regulation of financial advice which is mainly what I have been talking to up to this point. These changes as I said are intended to improve the quality of and access to financial advice. They also aim to remove undue compliance costs and actually barriers to innovation which is to be applauded. The second part amends the Financial Service Providers (Registration and Dispute Resolution) Act. The bill makes changes to the Financial Service Providers (Registration and Dispute Resolution) Act 2008 to address the misuse of the Financial Service Providers Register. Actually it does bring to mind—when I was in the previous Parliament in Opposition I undertook quite a lot of work with financial advisers in the sector just to understand because the evolution of the legislation of financial advice had had its ups and downs and there were quite a few elements of complication that made it hard to deliver advice comprehensively. So actually as much as I acknowledge those who came to the Economic Development Science and Innovation Committee to give MPs advice and engage with our officials this is an opportune time to thank those businesses and people that I had worked with in the past who came forward with good advice and timely advice in this area.The third part was minor amendments to the Financial Markets Conduct Act which makes minor changes to address technical issues of the Financial Markets Conduct Act.So with that I think we can take surety on the vote in the House that this legislation will receive this early evening in that it is well supported. It is a piece of legislation that has been worked on—started under the previous Government but engaged fully and supported fully by all of these members in the House today and so I applaud everyone for that. With those short words I do commend this legislation to the House. Thank you very much.