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Treasurer Scott Morrison announced he intends to nominate John Lonsdale to fill the newly legislated position of second deputy chair of APRA for a five-year term.
Lonsdale was most recently the deputy secretary, markets group at the Treasury. He has been with the government office for more than 30 years and has a deep knowledge of the financial system and policy expertise.
According to Morrison, the nominee played a key role in helping to shape the country’s current regulatory agenda as head of the Secretariat of the Financial System Inquiry in 2014.
The Treasurer announced the creation of a second APRA Deputy Chair role last May, as the government sought to bolster the office’s ability to ensure stability and accountability in the financial sector. On Thursday, Morrison said that having two deputy chairs will provide greater flexibility in the way APRA is governed and the way responsibilities are allocated to each APRA member.
“This helps to maximise the skills and capabilities available to APRA within its leadership,” he added.
As part of its efforts to increase accountability and competition in the finance sector, the government is taking action on APRA’s implementation of the banking executive accountability regime. It is also helping foster competition by supporting the entry of new banks into the sector.
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