Insurance industry regulator announces new boss

“As chair, I want to ensure APRA continues to effectively protect the financial wellbeing of the Australian community with a strong and stable financial system that underpins the functioning of the economy,” said Lonsdale in the release.

He said the challenges ahead are significant.

“A rapidly shifting macro-economic environment, rapid technological development that challenge business models and regulation, cyber threats, insurance affordability pressures, climate change and improving the performance of our superannuation system to name a few,” said Lonsdale.

Byres congratulated Lonsdale on his appointment.

“I am very pleased to be handing over the reins of APRA to one of Australia’s most experienced, capable and committed financial services regulators,” he said.

Other appointments were also announced in the APRA release: Margaret Cole, currently an APRA member, will be appointed deputy chair. Suzanne Smith and Therese McCarthy Hockey, currently both APRA executive directors, will become new APRA members.

In July, Byres announced his resignation. “Being Chair of APRA has been an honour and a privilege,” said Byres in an APRA release. “I’ve enjoyed the past eight years immensely and I’m pleased with what has been achieved by APRA in that time.”

The resignation was also announced by the Treasurer, Jim Chalmers. “He’ll be greatly missed but I wish him well,” said Chalmers in a statement.