Financial Services Legislation Amendment Bill – Second Reading – Video 6
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Financial Services Legislation Amendment Bill – Second Reading – Video 6


on that basis I commend the situation good god ah ah ah ho Kia uniform are all ten are queer madam Speaker thank you for the opportunity to stand and speak on behalf of New Zealand first on this financial services legislation amendment bill it is a pleasure indeed to take this call on behalf of my colleague Fletcher tributo what I just liked us to acknowledge the previous speakers on this bill tonight for the great clarity that they have given a mere speeches and for someone who’s not really a bean-counter my father was in fact a bean-counter I’m much more of a spender myself than a saver so it’s been really really interesting for me so what I’d like to talk about really as tips from a Kiwi perspective of those who who don’t really engage in the financial markets but have some small amount of savings and want to make sure they are secure and it’s really the mum and dad type investors that this legislation that will be protecting and that is a really important thing that we’re doing here the financial services legislation amendment bill actually introduced as a safeguard for all New Zealanders whether they’re high rollers or just your mum and dad savers it’s for all these New Zealanders against improper financial advice and providing them certainty so that the interests are being put first this bill that speaks to core values of New Zealand first and so we’re happy to support it it speaks on behalf of the many New Zealanders who want progressive policies and legislation that is in the best interests of all New Zealanders the Financial Services legislation amendment bill will protect investors from low-quality and poor financial advice and these changes will demand all financial advisers adhere to the same conduct the same compliance and obligations the bill it’s been reported back in a job well done from the economic development science in evasion committee with unanimous recommendation that it be passed with some amendments they considered 70 submissions through the course of their work in the committee and most of these submissions supported the policy and tint of the bill but the committee has REMIC recommended some important changes aimed at ensuring the the bill actually achieves its policy intent particularly our notes for example the technical reading of the bill as introduced different that the regime may not cover financial advice relating to switching between KiwiSaver funds and this is probably for for most New Zealanders who are investing with their KiwiSaver funds that they could actually result in a situation where a consumer is advised to switch from maybe their on the conservative fund and up them to a growth fund and they need really good advice about what that means for them and for their future financial health with fair changing with the same provider without the advice that will be caught by the regime making a decision about what KiwiSaver fund to invest in well you know for many a really important financial decision the committee was helpfully recommended changes to in fact clarify that financial advice in relation to those decisions covered by the regime may I call on this tonight is brief other than to say really that this has been a good work across the across the house the financial advice in fact plays a very important role in the lives of all New Zealanders particularly our mum and dad investors good advice high-quality advice it’s instrumental improving the financial position of ordinary New Zealanders the financial world it’s not a very easy one to navigate there can be very complicated somewhat confusing for many consumers so sound quality advice is crucial and successfully traversing the financial landscape I come in this bill the house just before I call the next memo I just want to encourage all members across the house particularly our new members that by now we should not be reading speeches we should actually just be reading from notes so I encourage members to take advantage of the debating chamber and its fullness and encourage members not to read these speeches I corporate Hudson thank you very current anticipate

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