APRA names new deputy chairs

The Australian Prudential Regulation Authority (APRA) has welcomed the appointment of two new deputy chairs, with current board member Therese McCarthy Hockey and former assistant treasurer David Bradbury set to join the regulator's leadership.

Treasurer Daniel Mulino appointed McCarthy Hockey and Bradbury to five-year terms, with McCarthy Hockey commencing on July 9 and Bradbury joining on September 1.

McCarthy Hickey has spent eight years at APRA and has served as an APRA member since October 2022. She will continue overseeing the prudential regulator's banking supervision, strategy, risk and compliance functions.

Bradbury brings more than 25 years of experience across economic policy and financial regulation, and currently chairs and the Board of Taxation. He previously held senior roles at the Organisation for Economic Co-operation and Development (OECD), was a partner at KPMG Australia and served as Parliamentary Secretary to the Treasurer and Assistant Treasurer between 2019 and 2013.

Under the new structure, Bradbury will assume responsibility for APRA's supervision of the superannuation industry, while existing member Suzzanne Smith will continue overseeing general, life and private health insurance. APRA chair John Lonsdale will retain oversight of super until Bradbury commences.

Lonsdale said the appointments strengthen the regulator's leadership at a time of increasing global uncertainty.

"The appointment of McCarthy Hockey and Bradbury will ensure the APRA board has a strong mix of skills and private and public sector experience to oversee the important work APRA does maintaining the safety and resilience of Australia's financial system," he said.

Lonsdale noted Australia's financial system remained resilient but faced glowing challenges across geopolitical, technological and operational and financial fronts.

"We face a volatile external environment with risks arising across geopolitical, technological, operational and financial channels. Successfully managing these challenges will deliver better outcomes to the Australian people," he said.

"I look forward to working with Therese, David and Suzanne to ensure APRA continues to perform its responsibilities effectively and efficiently, for the benefit of the Australian community."