Financial Services Legislation Amendment Bill – Second Reading – Video 4
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Financial Services Legislation Amendment Bill – Second Reading – Video 4


so madam chair I am very pleased to support this bill to the house thank you I call Michael hood madam Speaker the financial services legislation amendment bill is an important piece of legislation and establishing a good regulatory environment for New Zealanders who are in receipt of financial services we’ve had two very comprehensive speeches from the Minister of Finance in order to debate and now the chair of the Select Committee have gone into some detail on the provisions of the bill and I think both of those members for that my own select committee the finance and expenditure committee will next week be receiving submissions for a number of organisations and respect of the Australian Royal Commission into banking issues in so it’s very much top of mind for our Select Committee while we have not considered this piece of legislation the issues that go to the heart of consumers being able to have confidence in the financial advice that they receive when they go to experts in receipt of advice that as principled and we’ll provide them with good avenues to invest the hard-earned money and as mr. young outline we’ve had issues in New Zealand in the past with it perhaps the most pressing issue actually at the moment in New Zealand is the sheer number of New Zealanders who simply don’t receive any good advice at all we have huge number of New Zealanders who have billions of dollars and fans some and KiwiSaver some in other forms of investment who simply don’t have the right ever news to go and receive information someone that’s about access but I think also met him speaker some of it is about a lack of confidence given some of the issues that have occurred in New Zealand in recent years so this piece of legislation to me at its heart is about trying to re-establish their confidence for consumers for people who need financial services advice by ensuring that we have a transparent system by ensuring that we have for example a good code of conduct in place so that people know there is a place to go if something goes wrong I doubt that there are many New Zealanders who if they walk into a financial institution know the difference between an authorized financial adviser and a registered financial adviser for example and this piece of legislation amongst other things about making that kind of thing so just a couple of key meters that I want to touch on madam Speaker one is the level of innovation that comes through in this bill and respect of not requiring natural persons to have to give the advice and that opens up some capacity for Robo advice to be provided I think it’s important that we all keep an eye on that to ensure that the the best outcomes arise as possible that’s very important that that we do that madam Speaker the second issue which I know came through in a number of the submissions was the concern around ensuring and this is one of the objects of the bill that we have adequate regulation at both the beginning of town and the small end of town and the bill has certainly tried to deal with that by ensuring that that applies across the board that the duties are universal to people who are providing advice but I think again madam Speaker that’s something that we’ll be needing to keep an eye on it’s very much my view madam Speaker that this piece of this is a good piece of legislation that brings our regulations up to date that deals with a number of the concerns that in be and others in the sector have raised but it’s probably not the final word on the matter as the sector continues to grow as their understanding of the issues changes as technology changes it’s likely that this house or return to some of these issues in future years as well but for now I think the house can be well satisfied through the tabling of the sledge aslam through the Select Committee process that we have a good robust piece of legislation to give New Zealand financial consumers confidence in the advice that they will receive and I can mean it to the house thank you madam Speaker yeah I call the Honorable Paul Goldsmith madam Speaker sorry well as very [Music]

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