New treasurer Chris Bowen has appointed an Australian Prudential Regulation Authority (APRA) member to the APRA board.
Mr Bowen said he intends that current executive general manager of APRA’s supervisory support division, Helen Rowell, will replace current APRA deputy chair Ross Jones.
According to Mr Bowen, Ms Rowland has “extensive knowledge of and experience in the financial services industry, particularly in the superannuation industry”.
She joined APRA in 2002 and has since been employed in a number of senior roles. Before joining the regulator, Ms Rowland was a partner at Towers Perrin (now Towers Watson) and is a former president of the Actuaries Institute of Australia.
Mr Bowen said Mr Jones has indicated he does not wish to seek reappointment and thanked him for his decade of service.
“Mr Jones has been instrumental in the design and implementation of the biggest reforms to the superannuation system since the introduction of the superannuation guarantee,” Mr Bowen said.
Mr Jones played an important role in ensuring the efficiency and stability of the financial system through the global financial crisis, and during his stewardship, prudential standards have been introduced for the superannuation sector, Mr Bowen said.