Former FSA executive director Margaret Cole will join APRA as the new member responsible for the superannuation sector in Australia in July this year.
Federal Treasurer Josh Frydenberg has announced the appointment of Margaret Cole as a new Member of the Australian Prudential Regulation Authority (APRA). Cole will start on 1 July 2021.
Cole replaces Geoff Summerhayes, whose five-year term expired on 31 December 2020. The appointment will see changes to the allocation of responsibilities amongst the APRA Members.
Cole will take on primary responsibility for overseeing APRA’s activities in relation to superannuation, while Summerhayes was responsible for the oversight of the general insurance, life insurance and private health insurance sectors.
Helen Rowell, Deputy Chair of APRA, will take over the responsibility for the non-government insurance sector.
“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,” Wayne Byres, Chair of APRA, said. “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.”
A Former FSA Executive
Cole, a former lawyer, is currently Global Regulatory Policy and Engagement Leader for PwC in London. She has also worked as s Senior Executive at the Financial Services Authority in the United Kingdom.
“Margaret will bring to APRA a strong blend of regulatory and private sector experience, with a particular focus on conduct, risk management and enforcement,” 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,” he said.
__________
[i3] Insights is the official educational bulletin of the Investment Innovation Institute [i3]. It covers major trends and innovations in institutional investing, providing independent and thought-provoking content about pension funds, insurance companies and sovereign wealth funds across the globe.