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”.
