Before I go into the changes that the FEC recommended to the bill, I want to take a step back as to why we are here today. The purpose of this bill is to improve the conduct of financial institutions so that consumers are fairly treated. If consumers are treated fairly, this will help build trust and confidence in our financial sector. Financial institutions like banks and insurers are crucial to New Zealanders' everyday lives, whether it's things like saving for a rainy day, getting a mortgage, or getting insurance for your car. Financial products and services are typically complex and often high value, and there is often an imbalance of power between the financial institution and the customers they serve. This creates a particular and acute risk of harm to customers. When things go wrong with financial products or services, it can be catastrophic at the individual level and cause significant harm at the broader societal and economic level. It is vital that New Zealanders can trust these institutions.