Tabuteau FletcherFLETCHER TABUTEAU (Deputy Leader—NZ First): Thank you Madam Speaker. It's a pleasure to stand in support of this fantastic piece of legislation despite the moans from the Opposition there. Just an observation of the argument made by the previous speaker Jonathan Young: first of all he said that National had already brought this legislation in it's already done there's no need to do it any more. And then he says And by doing this you're going to add extra costs and you're going to ruin the industry" after saying it's already been done. Then the speaker before him in the Opposition Brett Hudson talked about incentive for sales. Now I have sympathy for that. You do need good incentives in terms of sales. But I loved what Dr Russell said in terms of actually what we want to do is talk about sales that are consumer focused that are fair and that are not profit gouging from our New Zealand consumers.What the Opposition speaker previously failed to realise in his argument when he said there were no problems in the insurance or financial services industry was kind of an asymmetric information breakdown between those parties of the contract. All that fundamentally means is that when a person sits down to sign an insurance contract for example or takes financial advice from an expert they are at a disadvantage in terms of the information in front of them. Particularly with insurance contracts it is not written in for the layman and it becomes incredibly confusing. And that's just in that moment. That's just that time and place where a normal person in a household is trying to figure out what insurance they need to look after their livelihood their health and protect their income. Never mind the lack of information that person may have on the history of that financial or insurance institution and whether or not they have a history of serving their customers well—to what degree have they let their customers down to what degree have they sold insurance products to people with disabilities when those very products exclude the disability that that person has in the insurance contract? I mean that's still what this House is trying to deal with today.So to the members opposite I know that more needs to be done. They are an essential part of modern life. We're dealing with banks we're dealing with financial advice and we're dealing with insurance companies but what we have seen recently—and we have seen it in New Zealand; in fact the previous speaker himself said that it wasn't as bad as Australia. Well Australia was diabolical and there were huge problems that needed to be rectified and the Government there put a heavy foot in to change those markets to make sure those organisations were looking after their consumers. I put it to the House tonight that to ask those institutions to put their consumers first—their customers at the forefront of their business model—is not unreasonable at all. In fact as one of the previous speakers said long-term benefit to that kind of organisation is good; that's good business practice. But then we come back to this conversation about asymmetric legislation.So this is what this legislation is fundamentally about. We've had reviews of New Zealand banks life insurers—in 2018 a joint one from the Reserve Bank of New Zealand and the Financial Markets Authority—that there is a gap in our regulatory settings and there is currently no explicit legislated mandate for the regulation of general conduct of financial institutions despite what the member previous claimed in the House in his contribution.I've spoken for longer than I intended. This is a sensible piece of legislation. It is about protecting consumers and customers. It is about making sure that those undertakings that we would all expect are fair and reasonable and have the customer at the forefront of an organisation's thinking. So I very much support this legislation this evening. Thank you Madam Speaker."