Lotu-Iiga Sam: Financial Advisers Amendment Bill (No 2) Financial Service Providers (Registration and Dispute Resolution) Amendment Bill — Third Readings 
Text is incorporated into the Bound Volume 
Lotu-Iiga Sam: Financial Advisers Amendment Bill (No 2) Financial Service Providers (Registration and Dispute Resolution) Amendment Bill — Third Readings 
[Sitting date: 22 June 2010. Volume:664;Page:11983. Text is incorporated into the Bound Volume.] 
PESETA SAM LOTU-IIGA (National—Maungakiekie) 
: 
 It is a privilege to speak to the third readings of the legislation arising from the Financial Service Providers (Pre-Implementation Adjustments) Bill. Much has been said this morning and last night on this legislation. I do not want to regurgitate what has already been said over and over again except to say that it was a pleasure to work on this legislation personally speaking. It was a pleasure because members of the Commerce Committee were working effectively as a team. Putting political differences aside we worked together as a team with the clerks the Parliamentary Counsel Office and the industry stakeholders who came and presented submissions and there were many of them. There were also those who contacted us personally through emails and calls. People care about this sector and that is why there was such huge interest in this legislation. 
This legislation is not just a collaboration between the lawmakers the officials and the stakeholders. It is a collaboration with the practitioners. This legislation is designed to provide a degree of certainty and confidence in capital markets because at the end of the day capital markets provide the basis on which businesses thrive through access to capital. Obviously that leads to jobs and opportunities and the prosperity of this country depends very much on our having confident and robust capital markets. 
We had to balance out the competing interests and they were quite clear. There was an interest in protecting investors who were investors of all different classes. They were wealthy investors not-so-wealthy investors elderly investors and investors whom some might call unsophisticated or vulnerable. We sought to protect in this legislation a number of types of investor by regulating the affairs of intermediaries and financial advisers. We were careful not to over-regulate to the extent that some would feel the need not to be part of this industry. So those were the basic competing interests. 
As I said earlier on in the debate I believe that the regulator—or super-regulator as it is about to become—must be well resourced in its role of monitoring the advisers in the industry. It must enforce because enforcement is the key to deterring those who think they can get away with the types of acts that have been talked about during this debate. Enforcement and the imposition of appropriate sentencing and penalties are important. 
This legislation will not solve all the problems in the financial industry; I think we have been clear about that. But certainly this legislation has put together enough submissions ideas and principles of the industry for us to be confident the industry will go forth with some trust and a degree of integrity. I support this legislation. Thank you.