The Australian Prudential Regulation Authority (APRA) has welcomed the appointment of Margaret Cole as a new member – replacing Geoff Summerhayes, whose five-year term expired on December 31, 2020.
APRA Chair Wayne Byres has welcomed the appointment – announced by the Treasurer, the Hon Josh Frydenberg MP - highlighting Cole's “strong blend” of regulatory and private sector experience, with a particular focus on conduct, risk management, and enforcement.
“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,” Byres said. “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.”
APRA adjusted the allocation of responsibilities among its members, with Cole taking on primary responsibility for overseeing the regulator's activities concerning superannuation.
Meanwhile, APRA Deputy Chair Helen Rowell – who has led a period of extensive change in the regulation and supervision of superannuation over the last seven and a half years – will oversee the regulator's activities in relation to general, life, and private health insurance.
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.”
Cole will take up her new role on July 01, 2021, for a five-year term.