The coalition government has announced the appointment of John Lonsdale as a full-time member and second deputy chair to the Australian Prudential Regulation Authority.
The appointment of a second chair is to strengthen the capabilities of APRA, which the coalition said is part of their plan to strengthen regulators in the financial services to form a stronger economy.
The introduction of the new Banking Executive Accountability Regime (BEAR) has also pushed the appointment forward as institutions and their senior executives will be accountable for the heightened standards of behaviour.
Mr Lonsdale comes to APRA from the Treasury where he was the deputy secretary of markets group and played a role in helping shape the regulatory agenda of Australia in his role as head of the secretariat of the Financial System Inquiry in 2014.
Treasurer Josh Frydenberg said in his release that the appointment of Mr Lonsdale was an example of the government taking care of the financial system.
“The subsequent appointment of Mr Lonsdale is another example of how the Coalition Government continues to invest in the financial service regulators to ensure they are equipped with the resources and powers they need to enforce the law, improve community confidence and maintain the stability and prudential standing of the financial system,” he said.
The Governor-General has appointed Mr Lonsdale to this position for five years.
Eliot Hastie is a journalist at Momentum Media, writing primarily for its wealth and financial services platforms.
Eliot joined the team in 2018 having previously written on Real Estate Business with Momentum Media as well.
Eliot graduated from the University of Westminster, UK with a Bachelor of Arts (Journalism).
You can email him on: [email protected]