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.
