Curran ClareHon CLARE CURRAN (Labour—Dunedin South): Thank you Madam Assistant Speaker—just a short contribution on this third reading of the Financial Services Legislation Amendment Bill. I know it has been described as technical but it's actually another really important step forward in the modernisation of our financial services regime. It's also got some underpinning principles which are pretty important and that I just want to mention—that is the intent to lift the financial capability of all New Zealanders. That's pretty important because there's research that says I think 68 percent of New Zealanders have money worries. I would hazard a guess that it could even be higher than that. Financial literacy is a seriously big issue in this country. Our financial environment is becoming ever more complex; so this is one way of putting in place some measures to address some of those issues—another is the fact that this Government is looking at our school system around providing a toolkit for young people to become more financially literate and to help set them up for adulthood which is incredibly important as well. So this piece of legislation sits within a framework of intent which is about raising the financial literacy and capability of all New Zealanders as I said.Having the tools to make wise decisions is pretty important. Obviously that also then requires a strong regulatory environment around the quality of the advice that's being given to people and that's why this piece of legislation feels like the next stage of quite a long—and the previous speaker Nicola Willis and the speaker before her Greg O'Connor touched on that quite long history over more than a decade now since that financial crisis and the collapse of financial companies and the terrible practices that were unearthed as a result and the need for very strong financial regulation.Two things I just want to add are with regard to making the bill fit for the modern world and introducing the flexible and technology-neutral approach by enabling the robo-advice which is logical and important. It's important that it's entered into under a regulatory environment so that it can be more closely monitored. I just want to sound a note of caution around the ability of the algorithmic approach to providing information to consumers and ensuring that that doesn't move beyond the bounds of what's acceptable and I hope that there is a regime being put in place that will keep a close eye on that. We call it algorithmic transparency" and some work has been undertaken across the public sector on ensuring that that's the case but it's just equally as important that that work is happening in the private sector and in the financial services as well.Then finally just on the code of conduct—I'm sure the Minister will have touched on this—the code working group has provided the Minister with a draft code of conduct. This hasn't yet been made public but there are provisions in this bill to ensure that that happens in a timely way and I'm sure that the sector is eagerly awaiting what that will look like and it seems as if really good work has been done. I congratulate the select committee the various Ministers involved and all the officials because often they don't get the plaudits that they deserve. So with that I commend the bill to the House."