Barry Maggie: Non-bank Deposit Takers Bill — Second Reading 
Text is incorporated into the Bound Volume 
Barry Maggie: Non-bank Deposit Takers Bill — Second Reading 
[Sitting date: 02 August 2012. Volume:682;Page:4267. Text is incorporated into the Bound Volume.] 
MAGGIE BARRY (National—North Shore) 
: 
 I rise to take a short call on the second reading of the Non-bank Deposit Takers Bill. Like many of my colleagues such as David Bennett we have heard a lot of things a lot of difficult and sad stories about people who require assistance and who need a restoring of confidence and this is what this bill has achieved. It is against a background that has been outlined by other speakers today. There was a need when Australia moved for New Zealand to move quickly and there is now a raft of measures that this Government has brought in to restore confidence in the capital markets. After the global financial crisis after the collapse of so many finance companies there were many people who felt that they would never invest again. As my colleague David Bennett said there were some very sad stories indeed: older people on fixed incomes who borrowed to buy were in difficulties. And this bill which has rare accord across the House does complete several years of work to tighten it up. 
John Hayes has already gone through some of the regulations that are going to be changed; we have introduced some very good protections in this to maintain and build confidence. I will not go through them all but the Financial Markets Authority was long overdue. It was needed to have a one-stop shop and that does the job. There is a new regime for financial advisers again and we have rewritten a lot of the old laws—the 33-year-old securities law—and we have cracked down on loan sharks. These are all things that needed to be done. 
Sitting as I was on the Finance and Expenditure Committee on the Non-bank Deposit Takers Bill we had nine submissions. We had Chapman Tripp we had the Financial Services Federation and we had the Trustee Corporations Association of New Zealand which all came to us and were very happy about the outline. They had some suggestions and in amongst some robust debate some changes were made—some drafting changes—that have made it a better piece of legislation. 
I would have to commend the chairman. I think Todd McClay has done an excellent of job of expertly corralling some of the troops. Is he still in the Chamber? He is here now. I can lavish more praise upon him. He has done a great job. 
Todd McClay 
: I had to run. 
MAGGIE BARRY 
: He had to run—he had to run to come back. See that is the kind of dedication you like to see in a chair. You know when you are faced with irascible individuals who will argue with their own shadows who will pick holes in anything at all—I am not talking about their hairdos. Members in our own team of course are above and beyond reproach. But I have to say it has been a rare opportunity to actually agree with some members on the Opposition benches. Every now and again as a novelty in this House people do join forces and try to work for the greater good. I believe that that has happened with this bill and I think it is an excellent piece of legislation. So for its second reading there is not a lot more to be said. It has been covered in great detail. There have been some frivolous and unusual moments as often occurs in this Chamber but I commend this bill to the House. Thank you. 
Bill read a second time.