The Australian Prudential Regulation Authority (APRA) welcomes the Treasurer’s announcement today of new APRA appointments.
APRA Deputy Chair John Lonsdale will take the role of APRA Chair from 31 October 2022, when the current Chair Wayne Byres stands down.
The Treasurer also announced that:
- Margaret Cole, currently an APRA Member, will be appointed Deputy Chair; and
- Suzanne Smith and Therese McCarthy Hockey, currently both APRA Executive Directors, will be appointed as new APRA Members.
The appointments will mean some change in the industry allocation responsibilities for the Members, also from 31 October:
- Ms Cole will continue to oversee APRA’s activities in the superannuation industry;
- Current Deputy Chair Helen Rowell will be responsible for APRA’s activities in general insurance;
- Ms Smith will be responsible for APRA’s activities in life insurance and private health insurance; and
- Ms McCarthy Hockey will oversee APRA’s activities in banking.
Mr Lonsdale said that under his leadership, APRA will remain focused on fulfilling its mandate and ensuring that Australia has a strong and resilient financial system. The Treasurer’s appointments provide a strong and capable set of APRA Members to protect Australian depositors, insurance policy holders and superannuation members.
“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.
“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,” Mr Lonsdale said.
He said APRA has a sound strategy in place which has been developed to respond to current challenges and emerging issues for the financial system.
“APRA’s strength is its diligent and committed people, who have a clarity of purpose and clear focus on ensuring the financial interests of Australians are protected and the financial system is stable, competitive and efficient. The Members and I want to ensure we continue to build on this strength,” Mr Lonsdale said.
Mr Byres congratulated Mr 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. 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.
“I congratulate Margaret on her appointment as Deputy Chair of APRA and Therese and Suzanne for their appointment as Members. Their appointments show the strength and expertise of the APRA leadership team.
“I also want to acknowledge Helen’s significant contribution to APRA over the past 20 years, including two terms as an APRA Member, during which she led important superannuation industry reforms before moving to more recently oversee APRA’s insurance activities,” Mr Byres said.