Financial Services Legislation Amendment Bill- First Reading – Video 7

Financial Services Legislation Amendment Bill- First Reading – Video 7

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I’m happy to support this bill going to the next stage thank you I call Gareth Hughes Akira mr. speak and me I’ll take this mic Akira mr. speaker know me he knew in Kyoto Kyoto book I rise to support this legislation we want to see that all New Zealanders get access to high-quality reliable financial advice we’d put it that this legislation is overdue there were two reviews in be conducted in 2008 in 2016 we’re glad to see this legislation introduced to the house we need to make sure that the public interest is protected with group of advisers who are giving significant advice to people we’ve see some high-profile examples over the last 10 years where people have lost a huge amount of money because of situations like these one year in particular I’m quite interested in exploring and the Select Committee process is the provision of digital what’s called Robo advice and some of the briefing documents exploring that in details things can be quite important I want to give the little story my wife used to work in book publishing now works and the IT computer software development sector in Wellington and nearish she’s really focused on the last year as chatbots which is not full artificial intelligence but building algorithms so that the bots can communicate with the person communicating with it you can see an example with financial services management where it’s cheaper to provide basically to build an algorithm to have it learn from some of the conversations that’s been having than employing people as financial service advisers now how that applies to a consumer who maybe gets faulty advice is going to be critically important who’s the responsible party that can be held liable if bad advice is given is that the code rider is it the people who have been monitoring and updating the algorithm as of the agency the owners Algrim huge questions which are we looking forward to exploring in the Select Committee we do question how moving information disclosure requirements from legislation into regulations is going to work and practice is that the appropriate balance that has been strike but all in all a positive step forward we welcome the introduction to the house we look go to the Select Committee process in submissions and improving the legislation in that forum if needs be Thank You mr. speaker I call willow gene prime okay sure mistress

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