APRA chief to move on
AustralianPrudential Regulation Authority(APRA) chief executive Graeme Thompson will end his five-year term at the end of the month.
The announcement follows the introduction of legislation to overhaul the prudential regulation authority into Parliament by the Federal Treasurer, Peter Costello.
The new legislation has been drafted in response to recommendations arising from the HIH Royal Commission, which found APRA missed vital warning signs when the insurance giant was moving towards collapse.
Costello told Parliament that the legislation will also better place APRA within the financial system architecture and clarify how it engages with other agencies.
Under the bill, APRA’s part-time board will be replaced by a full-time executive group.
The Treasurer will appoint a replacement for Thompson. No announcement has yet been made on who will take up the position.
Despite the barrage of criticism levelled at APRA recently, Thompson says he is “satisfied” that he achieved his objective of creating an effective integrated regulatory organisation from the disparate agencies that existed prior to the formation of the authority.
Thompson was appointed to head the newly formed prudential regulation authority in June 1998 after serving many years at theReserve Bank of Australia, where he held a number of senior positions, including deputy governor.
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