Lee MelissaMELISSA LEE (National): Thank you Madam Speaker. It's a real pleasure to rise to speak for the first time in 2020. Although I did actually have a question—this is the first time I'm actually speaking on a bill. I am with my colleagues on this side of the House opposing this bill. To give the reasons I'll actually give a little bit of a background; I think other members have actually started to do that.The Royal Commission into Misconduct in the Banking Superannuation and Financial Services Industry in Australia actually found widespread abuses within the financial sector which has actually led to a raft of legislative and regulatory changes in Australia. In New Zealand following that royal commission the Reserve Bank of New Zealand as well as the Financial Markets Authority launched its own review into the conduct of our own banking industry the financial services sector and the insurance sector. What they found was that there were some concerns some small number of conduct issues related to poor conduct by bank staff but it wasn't a widespread misconduct like the one that they actually found in Australia.So in terms of this particular bill I am a little bit baffled as to what Fletcher Tabuteau was actually talking about in terms of why we need this bill when my colleague Jonathan Young had earlier said that in this very House we had passed legislation within the last two years that actually deals with some of these issues. When someone now deals with a financial institution a bank or an insurance company what they do is that they now have to be registered. There are plenty of warnings but this bill doesn't actually sort of go into the issue. We already have that in place where bad behaviour and bad advice can be dealt with.This bill doesn't actually deal with I guess something called caveat emptor or buyer beware. There is always this issue when someone is purchasing a financial product or an insurance that they should really read into it. Fair enough that there are some financial literacy issues that we have in this country; we need to improve some of this. But I'm not so sure if there's another piece of legislation or regulation that needs to be introduced to deal with something we've already dealt with which is already in place. Earlier Dr Deborah Russell also gave an example of the sales incentives and the commissions that she was apparently particularly concerned about. I think when there is bad behaviour we all are concerned about it but one of the examples that she actually gave was that there was an increase in sales which was correlated with the increase of overseas trips. I wonder if she actually really believes that that example that she gave was in fact proof of misconduct or the fact that there was harm created to consumers. I'm not so sure what that example was supposed to have been. It just goes to prove that this Government has no concept of business that sometimes incentives for salespeople who actually—I mean people have to sell products. Salespeople are very good at selling products and often they do not take a salary. Often they are on a very bare sort of contract that gives them some sort of an incentive payment for the amount of sales that they actually make. That does not equate or does not actually mean that these people are selling a bad product or that their behaviour or the very fact that they are very good at sales does not mean that they're actually creating harm for the consumers or that there is in fact misconduct actually happening.Of course all of us in this House are concerned if there is bad behaviour happening in the market place or that banks or institutions like insurance companies are actually behaving badly and we want to make sure that we protect consumers to make sure that they're getting a fair deal for the purchases that they actually make. However often when businesses are wanting to make a profit they need to make sales; salespeople also need incentives. This bill actually allows the Government to create regulations which in fact could lead to a ban on salespeople. I'm not so sure if that is in fact a good idea.I think a long time ago someone said something about using a sledge hammer to hammer in a little nail. I think I don't know what that you know—Stuart Smith: Crack a nut.MELISSA LEE: Cracking a nut. I think when you need a very small instrument to actually fix a problem—I think this Government is trying to introduce a massive ban on something that does not prove that they are in fact a bad thing for the market place. I stand with my colleagues on this side of the House and oppose this bill.