New APRA chair confirmed

John Lonsdale, currently APRA’s deputy chair, will take on the role of APRA chair from Wayne Byres on 31 October 2022.

Mr Lonsdale has been deputy chair since October 2018 and had previously worked for the Australian Treasury, where he was a member of the Treasury’s executive committee and held the position of deputy secretary, markets group at Treasury. 

He will take over the role from Mr Byres, who is leaving the regulator on 31 October, after eight years.

Announcing the appointments, Treasurer Jim Chalmers MP said: “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.

“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.”

‘Challenges in front of us are significant,’ says new APRA chair

The incoming APRA chair said that under his leadership, APRA would remain focused on fulfilling its mandate and ensuring that Australia has a strong and resilient financial system. 

“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,” he said.

“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.”

He continued by saying that APRA had a “sound strategy in place” that 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,” Mr Lonsdale said. 

“The members and I want to ensure we continue to build on this strength.” 

Outgoing chair Mr Byres congratulated Mr Lonsdale on his appointment, stating: “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.”

4 of the 5 board members are women

As well as appointing a new chair, the Treasurer also announced Margaret Cole, currently an APRA member, will be appointed deputy chair.

Ms Cole will continue to oversee APRA’s activities in the superannuation industry.

Helen Rowell, who is currently deputy chair alongside Mr Lonsdale, will be responsible for APRA’s activities in general insurance.

My Byres commented: “I congratulate Margaret on her appointment as deputy chair of APRA… 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.” 

New members have also been appointed. Suzanne Smith and Therese McCarthy Hockey, who are both currently APRA executive directors, will be appointed as new APRA members.

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 Chalmers noted that the new appointments mean four of the five members of the regulator’s board are women.

He said he hoped the new appointees would “bring the best available mix of experience and fresh thinking to the regulator and promote more women to key positions”.

The appointments will commence on 31 October 2022. 

[Related: APRA chair announces plan to depart]