It's quite interesting, because one particular firm who I respect—Chapman Tripp—analysed this bill, and they said this. They said that you have to be very careful regarding this bill because "The proposed legislation regulates the banks, insurers and non-bank deposit takers which are already subject to registration and licensing regimes under [the Reserve Bank of New Zealand]. Care will need to be taken to ensure that the further licensing obligations under the FMCA are streamlined, the licensors are co-ordinated and the obligations are consistent and not duplicated."