The new conduct regime that this bill creates is seeking to help cement this trust. In order to address these problems and in turn build the necessary trust in the industry, the bill will implement a package of changes. The bill requires banks, insurers, and non-bank deposit takers to be licensed by the Financial Markets Authority in respect of their general conduct, and licensing gives consumers confidence that licensed entities have been checked and meet the appropriate standards of conduct. Moreover, it also establishes an ongoing supervisory relationship between an entity and the regulator. Licensing will provide the FMA with a full range of tools to monitor, supervise, and enforce the new regime. It's not about having an ambulance at the bottom of a cliff but more about enabling the FMA to work with entities to prevent harm in the first place. 