Radhakrishnan PriyancaPRIYANCA RADHAKRISHNAN (Labour): Thank you Madam Chair. I just want to thank you for the opportunity to make a contribution during the committee stage of the Financial Services Legislation Amendment Bill. Really I think at the heart of this bill is fairness because it comes down to the regulation of financial services and service providers as well and the ability really to lift the financial capability of all New Zealanders so that everyone can live their best lives.It ensures that people are put at the heart of everything that happens and the financial services and products that are offered to them and that good quality financial services and advice can be provided. Also I wanted to mention the consistency that is needed. We've talked a lot about the consistency and stability that the business sector requires to be able to conduct their business in the past but that same consistency and stability is needed in the way that advisers are held to account as well and it's essential to build trust in the sector.One of the questions that I wanted to ask the Minister in the Chair Kris Faafoi at this point is that we've heard quite a bit about the fact that consumers have had a voice in the developing of this bill in ensuring the code of conduct is developed well as well. But I wanted to talk about the fact that there is a need that the different communities that we have here in Aotearoa—we've got over 200 ethnic communities alone. We've got the Pasifika communities as well. I want to make sure that there has been a fair bit of input from these different communities both as the code of conduct was developed but going broader as well in the other parts of the bill to ensure that different consumers have had their voices heard that different players within the financial services market have had their needs considered as well—CHAIRPERSON (Poto Williams): Are you sure this isn't a Part 1 debate?PRIYANCA RADHAKRISHNAN: No it's getting to the bones of Part 2 Madam Chair—CHAIRPERSON (Poto Williams): Thank you. We've traversed Part 1 quite well thank you.PRIYANCA RADHAKRISHNAN: Yeah so I would be keen to—but actually if we do look at Part 2 which of course we are considering at this point the registration of providers. The previous point that I made also holds true when it comes to the registration of providers and that's a huge part of the amendments in the second part of the bill which looks at how they're registered and deregistered as well and some of the exceptions that are made with regard to both.So clause 74 for example talks about in quite a bit of depth and detail the deregistration of financial service providers—Hon Gerry Brownlee: Bust a newcomer.Brett Hudson: Yeah sorry Kris.CHAIRPERSON (Poto Williams): Order! Order! Even if you're interjecting you should use the member's correct title. Carry on Priyanca Radhakrishnan. PRIYANCA RADHAKRISHNAN: Thank you Madam Chair. Just going back to clause 74 which lays out in a fair bit of depth the deregistration of financial service providers and actually if you look at subclause (1) and I'm just going to read this bit because it's quite technical at any time after the expiry of 3 months after registration is not in the business of providing a financial service or is otherwise no longer required to be registered under section 11" that's reasonably straightforward. In subclause (2) it says "has made a representation to the Registrar or the FMA that is false or misleading in any material particular in connection with obtaining or maintaining its registration" and I'd be quite keen to get to know I guess how that information is communicated so that financial services providers are clear and make sure that they aren't misleading as well and that they comply.Compliance is a part of the second part as well. But it's really important that we communicate that message out really well to different groups so that everyone's included as part of this as well. The suspension of registration the registration of various types of financial advisers and sharing information with various other bodies—so this is ensuring that people are aware of what's going on is part of Part 2 as well. Who are retail clients? If you look at clause 86 it deals with who retail clients are and of course we know as I mentioned previously that clients span a number of groups. So a huge amount of detail in this part Madam Chair and it's been wonderful to be able to contribute to the discussion on this. Thank you.The question was put that the amendments set out on Supplementary Order Paper 195 in the name of the Hon Kris Faafoi to Part 2 be agreed to.Amendments agreed to.The question was put that Part 2 as amended be agreed to.Part 2 as amended agreed to.Part 3 Repeals and amendments to other ActsThe question was put that the amendment set out on Supplementary Order Paper 195 in the name of the Hon Kris Faafoi to Part 3 be agreed to.Amendment agreed to.Part 3 as amended agreed to.The question was put that the amendment set out on Supplementary Order Paper 195 in the name of the Hon Kris Faafoi to Schedule 1 be agreed to.Amendment agreed to.Schedule 1 as amended agreed to.The question was put that the amendment set out on Supplementary Order Paper 195 in the name of the Hon Kris Faafoi to Schedule 2 be agreed to.Schedule 2 as amended agreed to.The question was put that the amendment set out on Supplementary Order Paper 195 in the name of the Hon Kris Faafoi to Schedule 3 be agreed to.Amendment agreed to.Schedule 3 as amended agreed to.The question was put that the amendment set out on Supplementary Order Paper 195 in the name of the Hon Kris Faafoi to Schedule 4 be agreed to.Amendment agreed to.Schedule 4 as amended agreed to.Clause 1 agreed to.Clause 2The question was put that the amendments set out on Supplementary Order Paper 195 in the name of the Hon Kris Faafoi to clause 2 be agreed to.Amendment agreed to.Clause 2 as amended agreed to.Bill to be reported with amendment presently."