APRA appointments

Today I announce a number of important appointments to the board of the Australian Prudential Regulation Authority (APRA) that will bring the best available mix of experience and fresh thinking to the regulator and promote more women to key positions.

John Lonsdale has been appointed to be the next Chair, Margaret Cole to become a Deputy Chair, and Suzanne Smith and Therese McCarthy Hockey to become Members.

The appointments will mean four of the five members of the regulator’s board are women.

Mr Lonsdale has been a Deputy Chair of APRA since 2018 with responsibility for APRA’s regulation of banks, building the prudential regulator’s crisis resolution capability and strengthening its collaboration with peer regulators.

Prior to joining APRA, he was a Deputy Secretary in the Australian Treasury where he had responsibility for the financial system and consumer and foreign investment policy. He helped shape Australia’s current regulatory system through his role as head of the Secretariat of the Financial System Inquiry in 2014.

Ms Cole, currently an APRA Member, was previously PwC's UK Chief Risk Officer and General Counsel and worked for the UK Financial Services Authority.

Ms Smith and Ms McCarthy Hockey are both currently APRA Executive Directors with responsibilities for superannuation and banking respectively. Ms Smith has held senior roles across the superannuation and financial services industry in areas including life insurance and funds management. Ms McCarthy Hockey has worked in Australia and overseas with responsibilities across risk management, regulation, governance and technological change.

The appointments will commence on 31 October 2022. APRA is an independent statutory authority that supervises institutions across banking, insurance and superannuation. Prudential regulation is concerned with maintaining the safety and soundness of financial institutions so that the community can have confidence that they will meet their financial commitments under all reasonable circumstances.

The Government thanks Mr Wayne Byres, the outgoing Chair, for his dedication and leadership over the past eight years.

Mr Byres has made an outstanding contribution to Australia, including through his work to help ensure the stability of the financial system during the COVID‑19 pandemic.