Government creates second APRA deputy chair role
The Federal Government has announced the creation of a second deputy chair role aimed at strengthening the Australian Prudential Regulation Authority (APRA).
This newly-created position will ensure APRA has the capabilities to effectively carry out its mandate, Federal Treasurer Scott Morrison said.
Morrison has nominated John Lonsdale for a five-year term to fill the second deputy chair position, contingent upon approval from the Governor-General.
Lonsdale was most recently the deputy secretary, Markets Group at the Treasury. Morrison said he will bring to APRA a deep knowledge of the financial system and policy expertise acquired in 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,” Morrison said.
The Federal Government said it is continuing to increase accountability and competition in the financial sector through APRA's implementation of the Banking Executive Accountability Regime, as well as by helping foster competition and drive out complacency among incumbents by supporting the entry of new banks into the sector.
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