Marcroft Jenny; Williams PotoJENNY MARCROFT (NZ First): Tēnā koe Madam Assistant Speaker. Thank you for the opportunity to stand and speak on behalf of New Zealand First on this Financial Services Legislation Amendment Bill. It is a pleasure indeed to take this call on behalf of my colleague Fletcher Tabuteau.I'd just like to acknowledge the previous speakers on this bill tonight for the great clarity that they have given in their speeches. For someone who's not really a bean counter—my father was in fact a bean counter; I'm much more of a spender myself than a saver—it's been really interesting. So what I'd like to talk about really is perhaps from a Kiwi perspective of those who don't really engage in financial markets but have some small amount of savings and want to make sure they are secure. It's really the mum and dad - type investors that this legislation will be protecting and that is a really important thing that we are doing here.The Financial Services Legislation Amendment Bill was actually introduced as a safeguard for all New Zealanders whether they are high rollers or just your mum and dad savers. It's against improper financial advice and about providing certainty for all these New Zealanders so that their interests are being put first. This bill speaks to the core values of New Zealand First and so we are happy to support it. It speaks on behalf of the many New Zealanders who want progressive policies and legislation that is in the best interests of all New Zealanders.The Financial Services Legislation Amendment Bill will protect investors from low-quality and poor financial advice and these changes will demand all financial advisers adhere to the same conduct the same compliance and obligations. The bill has been reported back—and a job well done from the Economic Development Science and Innovation Committee—with a unanimous recommendation that it be passed with some amendments. They considered 70 submissions through the course of their work in the committee and most of these submissions supported the policy intent of the bill but the committee has recommended some important changes aimed that ensuring the bill actually achieves its policy intent.Particularly I note for example the technical reading of the bill as introduced suggested the regime may not cover financial advice relating to switching between KiwiSaver funds—and this is probably for most New Zealanders who are investing with their KiwiSaver funds. It could actually result in a situation where a consumer is advised to switch—maybe they're on a conservative fund up into a growth fund—and they need really good advice about what that means for them and for their future financial health. If they're changing within the same provider without the advice that will be caught by the regime. Making a decision about what KiwiSaver fund to invest in—well that's you know for many a really important financial decision. The committee helpfully recommended changes to in fact clarify that financial advice in relation to those decisions is covered by the regime.My call on this tonight is brief other than to say really that this has been a good work across the House. Financial advice in fact plays a very important role in the lives of all New Zealanders particularly our mum and dad investors. Good advice high quality advice—it's instrumental in improving the financial position of ordinary New Zealanders. The financial world—it's not a very easy one to navigate. It can be very complicated somewhat confusing for many consumers so sound quality advice is crucial in successfully traversing the financial landscape. I commend this bill to the House.ASSISTANT SPEAKER (Poto Williams): Just before I call the next member I just want to encourage all members across the House particularly our new members that by now we should not be reading speeches. We should actually be just reading from notes. So I encourage members to take advantage of the debating chamber in its fullness and encourage members not to read their speeches. I call Brett Hudson.