The Australian Prudential Regulation Authority (APRA) has announced a number of key appointments.
APRA Deputy Chair John Lonsdale will take the role of APRA chair, current APRA member, Margaret Cole will become deputy chair, and APRA directors, Suzanne Smith and Therese McCarthy Hockey will commence as new APRA members.
In their new roles, Cole will continue to oversee APRA’s activities in the superannuation industry, Smith will take charge of APRA’s activities in life insurance and private health insurance, and McCarthy Hockey will oversee APRA’s activities in banking.
Current Deputy Chair Helen Rowell will be responsible for APRA’s activities in general insurance.
Lonsdale, who succeeds Wayne Byres as chair, said the prudential regulator will remain focused on fulfilling its mandate and ensure Australia has a strong and resilient financial system.
“As chair, I want to ensure APRA continues to effectively protect the financial wellbeing of the Australian community with a strong and stable financial system that underpins the functioning of the economy,” he said. “The challenges in front of us are significant – a rapidly shifting macro-economic environment, rapid technological development that challenge business models and regulation, cyber threats, insurance affordability pressures, climate change and improving the performance of our superannuation system to name a few. Successfully managing these challenges will deliver better outcomes to the Australian people.”
Byres congratulated Lonsdale on his appointment.
“I am very pleased to be handing over the reins of APRA to one of Australia’s most experienced, capable, and committed financial services regulators,” he said. “Throughout his extensive 30-year career at Australian Treasury and over the past four years at APRA as deputy chair, John has made a significant contribution to the stability, efficiency, and competitiveness of the Australian financial system.”
Byres also congratulated Cole, Smith, and Hockey on their appointments, saying the move showed “the strength and expertise of the APRA leadership team.”
He also acknowledged Rowell’s significant contribution to APRA over the past two decades.
