The bill intends to create a broad regime governing registered institutions and the conduct of banks, insurance, and non-bank deposit takers. In new subpart 6A, inserted by clause 9, key definitions, it says that New Zealand has 27 registered banks and 86 licensed insurers and 20 non-bank deposit takers. The bill excludes the other 1,450 registered financial service providers—98 percent of the industry's participants—which includes privately funded finance companies, pay day advance, peer-to-peer, and other high-cost lenders and shopping trucks; the worst offenders in the recent years under consumer laws. This is a major flaw in the bill. 