APRA welcomes new appointment

The Australian Prudential Regulation Authority (APRA) welcomed the announcement today by the Treasurer, the Hon Josh Frydenberg MP, that Margaret Cole had been appointed as a new APRA Member.

APRA Chair Wayne Byres said: “On behalf of the APRA Members and Executive, I welcome Margaret to APRA and look forward to working with her to continue to deliver on our mandate to safeguard the financial wellbeing of the Australian community. Margaret will bring to APRA a strong blend of regulatory and private sector experience, with a particular focus on conduct, risk management and enforcement. Her international experience and perspective will also be a valuable addition to the APRA Executive Board. I am very pleased she was willing to take on the appointment.”

Ms Cole’s appointment also provides an opportunity to make some changes to the allocation of responsibilities amongst the APRA Members:

• Given her strong experience in relation to governance and conduct-related matters, Ms Cole will take on primary responsibility for overseeing APRA’s activities in relation to superannuation. 
  
   
• APRA Deputy Chair, Helen Rowell, who has led a period of extensive change in the regulation and supervision of superannuation over the last 7½ years with the goal of improving member outcomes, will assume primary responsibility for overseeing APRA’s activities in relation to general, life and private health insurance.

Mr Byres said: “Margaret’s arrival provides a natural opportunity to review and refresh the allocation of responsibilities amongst the APRA Members, to take advantage of the mix of skills and experience amongst the group. Superannuation is a natural fit for Margaret given her background. Helen, as well as being a qualified actuary, was one of APRA’s senior insurance supervisors earlier in her career and was heavily involved in the design of APRA’s insurance capital framework, so is very well equipped to oversee the insurance industry.”

Ms Cole will take up her new role on 1 July 2021 for a five-year term, replacing Geoff Summerhayes whose five-year term expired on 31 December 2020.