In particular, during times when New Zealanders are feeling the financial impacts of COVID-19, this piece of legislation is important to ensure that banks, insurers, and non-bank deposit takers are serving the needs and interests of their customers. The bill fills a gap that exists in New Zealand's current law in that there is currently no explicit law to regulate the general conduct of financial institutions. There have been several recent reviews that have highlighted this gap, including the reviews undertaken by the Financial Markets Authority and the Reserve Bank of New Zealand into the conduct and culture of banks and insurers. These reviews showed that there are weaknesses in the conduct and culture of institutions in New Zealand's financial sector, particularly in respect of the governance and management of conduct risks and ensuring a focus of good customer outcomes. These weaknesses risk eroding customers' trust in financial institutions, and it is therefore vital that we fix the gap in the law. The bill fixes this gap by establishing a new regulatory regime for the conduct of financial institutions.