CoFi “aims to serve the interests of all New Zealanders, ensuring all financial services providers conduct their business in a way that its air to all customers,” Southern Cross wrote in its annual report.

“We are dedicated to maintaining the highest standards of governance, transparency and accountability in every facet of our operations,” it said.

Chief executive Nick Astwick refused to comment on the National Party's pledge to repeal CoFi, should it win government in next month's election, but repeated the comments in support of the legislation.

“It's really about fair conduct with our members and we're a member-driven organisation,” Astwick told GoodReturns.

“We think this principles-based legislation is directionally very sound. I can't control what National or Labour may do.”

But if CoFi is repealled, “there would probably be some differences – we have to comply with regulations – but, in principle, we still think it's important for Southern Cross, given it's a not-for-profit friendly society, to deliver fair conduct,” Astwick said.

On Wednesday, KPMG suggested that the financial services sector should continue working towards implementing CoFi and that they should view it as an opportunity to improve their business.

The accounting firm said National's election pledge had “created a level of uncertainty into what has been a well-accepted regulatory change.”