The Australian Prudential Regulation Authority (APRA) will have a second deputy chair alongside existing deputy chair Helen Rowell after the government passed legislation creating the role.
Announcing the passage of the legislation, Treasurer Scott Morrison confirmed that he will be nominating Treasury deputy secretary John Lonsdale to the role, as first flagged in May 2018.
Mr Lonsdale’s appointment will be conditional upon the Governor-General’s approval, Mr Morrison said.
“Mr Lonsdale was most recently 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,” the Treasurer said.
“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.”
Speaking earlier this year, the chairman of APRA, Wayne Byres, welcomed the government’s nomination of John Lonsdale, saying: “With more than three decades of experience at Treasury, John is a welcome and valuable addition to APRA’s leadership team.”
Mr Lonsdale and Mrs Rowell will join Mr Byres and current APRA member Geoff Summerhayes on APRA’s executive group.
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 said.