The Coalition Government is pleased to announce the appointment of Mr John Lonsdale as a full-time member and second Deputy Chair to the Australian Prudential Regulation Authority (APRA).
The creation of a second Deputy Chair is designed to strengthen the capabilities of APRA, particularly following the introduction of the new Banking Executive Accountability Regime (BEAR), which will make Authorised Deposit-taking Institutions and their most senior executives and directors accountable for meeting heightened standards of behaviour in line with community expectations.
Strengthening our regulators in the financial services sector is part of the Coalition Government’s plan for a stronger economy, to ensure consumers get a fair go and our financial institutions are held to account.
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 the 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.
A second Deputy Chair will add experience to APRA’s Board, with Mr Lonsdale’s appointment ensuring a strong blend of supervisory experience, industry knowledge and policy expertise within its Executive Group.
The creation of a second Deputy Chair and the subsequent appointment of Mr Lonsdale is another example of how the Coalition Government continues to invest in the financial service regulators to ensure they are equipped with the resources and powers they need to enforce the law, improve community confidence and maintain the stability and prudential standing of the financial system.
The Governor-General has appointed Mr Lonsdale to this newly-created position for five years.
I congratulate Mr Lonsdale on his appointment.