Treasurer Scott Morrison has announced his intention to nominate John Lonsdale, who is currently deputy secretary of Treasury, to become an additional deputy chair at the Australian Prudential Regulation Authority (APRA).
The appointment of Mr Lonsdale will be for a five-year term and is conditional on the approval of the Governor-General and on Parliament agreeing to the recently introduced legislation to amend the APRA Act to allow the appointment of up to two deputy chairs.
Treasurer Scott Morrison 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.”
The chairman of APRA, Wayne Byres, welcomed the government’s nomination of John Lonsdale.
He said: “With more than three decades of experience at Treasury, John is a welcome and valuable addition to APRA’s leadership team.”
If approved, Mr Lonsdale will jointly chair the prudential regulator alongside Helen Rowell, who has been reappointed to the role by government for a new five-year term, commencing on 1 July.
Mrs Rowell became an APRA member in 2013 and has served as deputy chair since 2015.
Speaking of her reappointment, Mr Morrison said that Mrs Rowell has “led APRA’s agenda in relation to the superannuation industry, including the implementation of stronger prudential standards and a heightened focus on ensuring members’ best interests are at the forefront of superannuation trustees’ activities.
“This will continue to be an important area of focus for APRA, and Mrs Rowell’s reappointment reflects the government’s desire for APRA’s work in this area to continue.”
Mr Lonsdale and Mrs Rowell will join Mr Byres, and current APRA member Geoff Summerhayes on APRA’s executive group.
Mr Byres 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 APRA chair said that 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 wellbeing of Australian depositors, insurance policyholders and superannuation members.
“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,” Mr Byres added.
[Related: Bill introduced to ‘bolster’ APRA powers]
Annie Kane is the editor of The Adviser and Mortgage Business.
As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts.