The Australian Prudential Regulation Authority (APRA) is set to seek a new Deputy Chair following the announcement from Treasurer Jim Chalmers regarding the departure of current Deputy Chair Margaret Cole. Her tenure at APRA will conclude at the end of her term on 30 June 2026.
APRA Chair John Lonsdale praised Ms Cole’s exemplary contributions since she joined the organisation 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,” he remarked.
Furthermore, Mr Lonsdale highlighted Ms Cole’s commitment to APRA’s mission, particularly in her role advocating for superannuation trustees to act in the best financial interests of their fund members. He noted that she spearheaded the implementation of the Your Future, Your Super reforms, which initiated on her first day at APRA. These reforms aimed to enhance the efficiency, transparency, and accountability of the superannuation industry for all Australians.
“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,” added Mr Lonsdale.
In her statement, Ms Cole expressed her pride in the accomplishments of the organisation during her time. “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,” she said.
