New APRA chair appointed by Treasury
The Treasury has appointed a new chair for the Australian Prudential Regulation Authority to replace Wayne Byres.
Deputy chair, John Lonsdale, would take over the chair role from 31 October and APRA member, Margaret Cole, would become deputy chair.
Current deputy chair, Helen Rowell, would become responsible for APRA’s activities in general insurance.
Suzanne Smith and Therese McCarthy Hockey, currently both APRA executive directors, would be appointed as new APRA Members.
Lonsdale said: “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.”
Commenting on his replacement, Byres said: “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”.
AUTHOR
Laura Dew
Recommended for you
Iress has announced it will divest its superannuation business as the latest step in its transformation program, allowing it to focus on wealth management.
The corporate regulator has named its new chief executive, who is set to replace retiring interim CEO Greg Yanco in March.
Following the departure of its chief marketing officer last year, AMP has appointed a successor to take up the position with the appointment coming from the US.
The Financial Services Council has appointed Justine Earl-Smith as executive director for commercial partnerships and growth, a newly created role for the organisation.
