After legislation was passed to strengthen the Australian Prudential Regulation Authority (APRA) with an additional deputy chair position, the current Treasury deputy secretary has now been nominated.
APRA chairman Wayne Byres welcomed the nomination of John Lonsdale, as well the reappointment of deputy chair Helen Rowell.
The new appointment is expected to provide extra strength for APRA to ensure stability and accountability in the financial services sector. The government has already approved the same additional position for the Australian Securities and Investments Commission (ASIC).
Rowell, who became an APRA member in 2013 and has served as Deputy Chair since 2015, has been reappointed for a new five-year term, commencing on 1 July.
The appointment of Lonsdale will also be for a five-year term and is conditional on the approval of the Governor-General and on Parliament agreeing to legislation introduced on 24 May to amend the APRA Act to allow the appointment of up to two deputy chairs.
Lonsdale will join Byres and Rowell, as well as current APRA member Geoff Summerhayes, on APRA’s executive group.
In a statement from Treasurer Scott Morrison, he said, “Mr Lonsdale is currently the Deputy Secretary, Markets Group at the Treasury. He will bring to APRA a deep knowledge of the financial system and policy expertise acquired in his over 30 years at Treasury. He also played a critical role in helping to shape the current regulatory agenda in Australia through his role as head of the Secretariat of the Financial System Inquiry in 2014.”
Byres said the expansion of APRA’s current executive group would add further depth and breadth of policy expertise at APRA as it delivers on its mandate to protect the financial well-being of Australian depositors, insurance policyholders and superannuation members.
He added, "Geoff and I are very pleased to be able to continue working alongside Helen, as she further sharpens APRA's focus on enhancing outcomes for superannuation members. The expertise, authority and judgement Helen brings to APRA will be increasingly important in the years ahead as APRA continues its superannuation reform agenda.
"The nomination of John to assist Helen, Geoff and myself is recognition of the extensive program of supervisory and policy work APRA faces across the industries we regulate. With more than three decades of experience at Treasury, John is a welcome and valuable addition to APRA’s leadership team.”
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