Hon Dr DAVID CLARK (Minister of Commerce and Consumer Affairs): Thank you, Mr Chair. I'm pleased to open proceedings on the Financial Markets (Conduct of Institutions) Amendment Bill. The bill represents a fundamental evolution of the regulation of the retail, banking, and insurance sectors. It introduces a conduct licensing regime for financial institutions such as banks, insurers, and non-bank deposit takers, to ensure they treat customers fairly. This bill is the final piece of the Government's response to misconduct issues in the banking and insurance sectors. Before we get into the details, I do want to thank the Finance and Expenditure Committee for its consideration of the bill. I also want to thank all who made written and oral submissions through the select committee process and beyond. 