Robertson H V Ross: Financial Service Providers (Pre-Implementation Adjustments) Bill — Second Reading In Committee 
Text is incorporated into the Bound Volume 
Robertson H V Ross: Financial Service Providers (Pre-Implementation Adjustments) Bill — Second Reading In Committee 
[Sitting date: 22 June 2010. Volume:664;Page:11975. Text is incorporated into the Bound Volume.] 
H V ROSS ROBERTSON (Labour—Manukau East) 
: 
 Kia ora tatou. No reira te Whare e nga iwi e nga reo e nga hau e wha. Tena koutou tena koutou tena koutou katoa. 
In respect of the Financial Service Providers (Pre-Implementation Adjustments) Bill one can only say that it is about time. The National Government has been in office for nigh on 18 months and only now is it bringing forward this legislation. I have to say to the Committee that as Labour’s spokesperson on senior citizens I am appalled at the slowness of the implementation of this legislation. One could say it is too little too late. Even so I have to acknowledge that at least the Government has at last moved on this legislation. Time and time again as I go around this country advocating for and addressing small-business people and Grey Power groups one of the things that I am told about is their concern about the slackness and the sloppiness of the financial sector. 
Why is this legislation necessary? It is simple. It is to protect unsophisticated investors many of whom are elderly and rely on the additional income of an investment to give them some sense of security and comfort in their old age. Why has it taken so long? I have to acknowledge the work of my colleague and friend Lianne Dalziel. She brought legislation into the House in 2008 and she did so because the Government at the time—the fifth Labour Government led by the Rt Hon Helen Clark—recognised that more needed to be done in the financial adviser regime. Thank goodness things are now starting to move. 
The elderly are our most vulnerable and unsophisticated investors and they need proper financial advice. This bill should ensure that robust advice is available for all who need it. I acknowledge the support of the honourable member Sam Lotu-Iiga who endorsed the views of members on this side of the Chamber: it is about time. 
Investors who have lost money in around 50 mismanaged finance companies—including Bridgecorp Hanover Finance St Laurence and Strategic Finance—are up in arms and so they should be. These people want answers from the Minister of Commerce as to why only one finance company has been singled out and put into statutory management. 
The CHAIRPERSON (Lindsay Tisch) 
: I am sorry to interrupt the member. If there are going to be discussions I ask that they be taken outside the Chamber. 
H V ROSS ROBERTSON 
: Thank you Mr Chairman; I appreciate the indulgence of the Committee. Only one company has been put into statutory management—only one. Mr Hubbard a senior citizen down in the South Island has been singled out. Why has he been singled out when others under similar circumstances have been allowed to go into moratorium and receivership? Investors out there tell me that they believe that this move by the Government proves that authorities have been negligent for too long. Investors are asking why it has been only Mr Hubbard. Although it is agreed that statutory management may be necessary to protect the parties in the Hubbard case they ask why it has been only Mr Hubbard. The authorities have evidence that many finance companies have committed offences. Not one of the failed finance companies has been put into statutory management since the finance collapse began yet obvious malpractice has occurred. Who loses out? The unsophisticated investor; the person who is not aware. Many of them are senior citizens whom I represent in this House. 
John Hayes 
: You didn’t look after them for 9 years; you dropped them in it. 
H V ROSS ROBERTSON 
: I did look after them. Thank you.