The Australian Prudential Regulation Authority (APRA) notes the Treasurer's announcement today of his intention to advertise for the position of APRA Deputy Chair after Deputy Chair Margaret Cole advised the Treasurer of her intention to leave APRA at the end of her current term which expires on 30 June 2026.
APRA Chair John Lonsdale said Ms Cole had made an outstanding contribution to APRA since she joined in 2021.
"APRA has benefitted from successive appointments to the board with deep knowledge of the financial system. Margaret has also brought extensive experience across the private and public sector and in jurisdictions outside Australia. This expertise has been invaluable to APRA and I thank Margaret for her leadership, support and the contribution she has made," Mr Lonsdale said.
"Margaret is passionate about APRA's purpose and supporting the work that everyone at APRA does to deliver on our important mandate, particularly in her role ensuring superannuation trustees are acting in the best financial interests of their fund members," Mr Lonsdale said.
"Margaret oversaw the implementation of the Your Future, Your Super reforms which commenced on her first day at APRA. These far-reaching reforms were aimed at ensuring superannuation works in the best financial interests of all Australians and improving efficiency, transparency and accountability in the superannuation industry.
"Among other achievements, Margaret initiated innovative ways of thinking and solving problems, particularly on complex supervision and enforcement matters. She drove our legal and enforcement functions into a new era and reshaped processes across APRA to be more efficient and less burdensome while skilfully overseeing the implementation of the Financial Accountability Regime," Mr Lonsdale said.
Ms Cole said it was a difficult decision to leave, however she was proud of what she and the organisation achieved over her term.
"It has been a difficult decision to move on from such a critical role in a highly respected regulator with first rate colleagues and a vital mission for Australia and its people. But leadership is about taking the right decisions at the right time and leaving the enduring organisation in a strong position to face future challenges," Ms Cole said.
