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The Australian Prudential Regulation Authority (APRA) will see the appointment of a second deputy chair.
Legislation was passed in order to bolster APRA’s ability to ensure stability and accountability in the financial sector.
The government has already moved to appoint a second deputy chair at the Australian Securities and Investments Commission (ASIC).
Australian treasurer Scott Morrison said this was also appropriate for APRA. In a release today, he said, “Our financial regulators need to have the capacity available to ensure our financial system remains strong and stable, that’s why we are acting to further strengthen APRA’s ability to do its job.
“The appointment of up to two deputy chairs will provide greater flexibility in the way in which APRA is governed and the allocation of responsibilities to each APRA member. This helps to maximise the skills and capabilities available to APRA within its leadership.
“This reform supports the government’s actions to increase accountability and competition in the financial sector. These actions include APRA’s implementation of the Banking Executive Accountability Regime, as well as helping foster competition and drive out complacency amongst incumbents by supporting the entry of new banks into the sector.
“Monitoring, and where necessary strengthening, the capabilities of our financial regulators is an ongoing process under the Turnbull Government.”
