Westpac lauds Cofi's principles-based approach, says CCCFA incredibly prescriptive

“My view is it's entirely up to the government to work out what they want to do with regulations,” Westpac chief executive Catherine McGrath told TMM.

She acknowledged that the financial services industry has already spent most of the time and money required to implement CoFi, which is set to kick in from March 31, 2025.

McGrath acknowledged the CoFi regulations are principles-based rather than prescriptive and are about “making sure we're delivering great customer outcomes.”

Westpac wants to deliver such outcomes but “exactly how the regulations support that is entirely up to the regulators.”