30 May 2018

Strengthening our financial regulator


The Treasurer today announced:

  • the reappointment of Helen Rowell as Deputy Chair of the Australian Prudential Regulation Authority (APRA); and
  • his intention to nominate John Lonsdale for the Governor-General's consideration as an additional Deputy Chair of APRA if Parliament agrees to the legislation introduced on 24 May to amend the APRA Act.

These appointments continue the Government's commitment to ensuring that Australia's financial regulators have the capabilities to effectively do their job.

Mrs Rowell has been an APRA member since July 2013 and a Deputy Chair since November 2015. She 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 trustee's 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 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 reappointment of Mrs Rowell, and the appointment of Mr Lonsdale – alongside the existing APRA Members Mr Wayne Byres (Chairman) and Mr Geoff Summerhayes (Member) – will ensure APRA continues to have a strong blend of supervisory experience, industry knowledge and policy expertise within its Executive Group.
Ms Rowell has been appointed for a five year term from 1 July 2018.

The appointment of Mr Lonsdale will also be for a five year term and is conditional upon the Governor-General's approval and on Parliament agreeing to legislation introduced on 24 May to amend the APRA Act to allow the Governor-General to appoint up to two Deputy Chairs at APRA.