Financial Services Legislation Amendment Bill- First Reading – Video 12

Financial Services Legislation Amendment Bill- First Reading – Video 12

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I called Tommy tea/coffee as somebody that is sitting on the select committee the finance and expenditure Select Committee as well as the economic development science an innovation select committee it is my pleasure to stand here and speak on the financial services legislation amendment bill which to those people that have just tuned in to Parliament TV or a listening via the radio if those people that are maybe a little bit you know a little bit not not too familiar with how the process of Parliament goes as as I hid and still finding my way as a new impact this here is an omnibus bill so this is a time-saving bill this is the kind of bill where we can put through a series of amendments and do it all at the same time rather than putting through consecutive amendments through different bills and taking up too much time in the house this particular omnibus bill makes amendments to the financial markets Conduct Act 2013 the financial services providers our registration and dispute resolution act 2008 and it also repeals the financial advisors Act 2008 as well and there before I go into the detail of this particular bill I just want to take a moment to recognize the mini Maori trusts and organisations around New Zealand that have money invested that go to financial advisors for good sagely advice and hope that when you get there and you’re sitting around the table with somebody that has a whole lot more detailed knowledge about the financial sector and about investments and and the like that actually this bill is something that is going to help those situations because it helps to clarify and simplify some of those processes we need to keep people in mind I guess is we’re putting legislation through the house make sure that it’s friendly for people out there real New Zealanders so that they get to understand it in a very simple form and that is exactly what these amendments seek to do the review has been undertaken by the Ministry of business innovation and employment and that was it concluded a number of problems with the existing regime and with also the financial advice now the current regime was considered to be unnecessarily complex and not adequately raised standards for all financial advice services there were a bunch of financial services and advice that weren’t also being offered so the report came back the conclusions were put forward and I want to thank you for to all of the people that have put the effort into this particular piece of legislation and as previous speakers have have have said this is a bill that’s been going for quite some time now so thank you to all of those people that are putting effort into it and also congratulations to the Honorable Christopher Foy for introducing this into the house and being the one that’s going to finish this the job that was started quite some time ago in the bill certain changes have been noted financial advisors will have to put the interests of their clients first and isn’t that a lovely thing to have isn’t that a stake that you can put in the ground first up so just note first and foremost that financial advisors will have to put the interests of their clients first in the bill there will also be a simplification of categories of financial advisers previously there were a little bit convoluted a little bit complicated authorized financial advisors were with a category registered financial advisors where another category I mean there was a third category of qualified financial entities all of those categories will be removed in this and will be replaced with either financial advisor or a nominated representative both of which are a whole lot more simpler to understand and to digest financial advisors will be licensed at the firm level rather than at the individual level which is also a plus and disclosure requirements will also be enhanced a code working group has also been appointed and I want to take just a little bit of time to thank everybody that was part of that working group and I want to just refer to them individually so that they get their dues for the efforts that they put in here so I want to make a special mention to Angus Dale Jones who was the chair of this particular working group and it was also previously a board member of the professional advisors Association and I want to thank the chair for all of the work that he put into that particular piece of work Barbara Benson was also on there – she was a consumer and dispute resolution representative previous manager teacher education also at the Education Council of New Zealand so I’d like to thank Barbara for the significant work that she put into this particular piece of work Brian McCulloch from the consumer dispute resolution representative he was an independent consultant and independent director at utilities disputes limited I’d like to thank him for his work John Barry who was the CEO of who is the CEO of Pathfinder Asset Management thank you to him for his work Graham Edwards who’s the general counsel and company secretary at the ASB bank he also should be congratulated for the significant work that he put in Palmer’s II as an independent consultant who is part of that working group Rebecca Vander bond is the head of financial advice delivery and service for milford asset management and is also an authorized financial adviser a shame edmond is the head of private climate client services at Forsyth Barr and a member of the current code committee and very good and finally one more on that list couldn’t couldn’t go without mentioning the great work that Therese singleton did on that particular piece of work the general manager and sales and advice at a in P now that code working group was appointed they prepared a new code of conduct before they before their they’re committing they’ll also allowed for the code of conduct to be developed earlier than would otherwise have been the case and I again would like to congratulate all of those members for their work all of those advisors for their work and as previous speakers have also mentioned there is the Robo advice which is being incorporated into that and I also just want to acknowledge all of the talk that we’ve had in the house this week just about bringing our legislation bringing our services into the modern age by using technology and and IT bringing that into legislation too so Robo advice is definitely a big part of that this is a very fine piece of legislation that has had support from various submissions which have been canvas as a one of our our earlier speakers talked about there have been workshops held on this there have been a lot of summaries on this it’s gone through the rigorous process and for that reason I think that it should be very much committed to the house and I have no problems commending this particular bill to the house the Honorable Willie Jackson it’s a key to me

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