Curran ClareHon CLARE CURRAN (Labour—Dunedin South): Thank you Madam Chair. I didn't sit on the Economic Development Science and Innovation Committee for this bill but I have sat on what was formerly known as the Commerce Committee for a number of years. So with reference to Part 1 of the Financial Services Legislation Amendment Bill this is a brickbats and bouquet speech—a bouquet to the Minister in the chair the Hon Kris Faafoi for moving ahead with the important work around identifying what needs to change in this space. I feel quite horrified actually looking at the figure that's been given by the Commission for Financial Capability that 68 percent of New Zealanders have money worries and at the complexity of the financial environment and how difficult it is for people particularly people on low incomes to navigate their way through our financial system. I will come to a bouquet also actually to banks or at least one of the banks in my electorate which actually is doing some very good work about trying to reach out to vulnerable communities.But the brickbat is essentially to the behaviours of financial advisers. Despite the terrible history that resulted in the formation of the Financial Markets Authority and for any of those sitting across the Chamber tonight I'm not sure—oh Melissa Lee who would have maybe been sitting on the select committee around the time that we heard the submissions from the small investors that had lost everything due to the awful behaviours of companies and individuals that led to all those collapses back in the 2008-2009 period that resulted in an inquiry that resulted in the formation of the Financial Markets Authority that resulted in really important legislation that is the base legislation here. But we're still seeing behaviours where the people who are coming for financial advice aren't being put first.I ask myself you know: to what extent do you have to go to hold people to account who are giving quite frankly crap advice? Sorry Madam Chair if that's an unparliamentary term but I think in this particular instance it's quite apt. I'm sure that the people listening tonight would agree. One of the things that appalled me back then during the 2010-2011 period was the advertising marketing strategies that were being delivered to the people of New Zealand to convince them that going with this product or that particular organisation was somehow going to reap them heaps of benefits when in fact it resulted in them losing their lifetime earnings. New section 431J in clause 27 which is the duty to give priority to the client's interests which is the clause that I'm referring to—it's such a shame that here we are in 2019 and we still haven't quite got there. So I applaud the measures. I give credit to my local Westpac branch in South Dunedin that regularly reaches out to me to talk about the social issues around in the 10000-odd community in South Dunedin one of the most vulnerable communities as to how they can offer better ways of communicating difficult complex financial terminology and practices in ways that actually enrich people's lives rather than putting up barriers. That is what we need in this country that is what we want to see from our financial sector and let's get on and move this bill.