Coalition Questions APRA Picks Over Labor and KPMG Connections
Synopsis
The opposition has targeted the proposed appointment of David Bradbury and Therese McCarthy Hockey to senior roles at the prudential regulator, citing concerns about independence and governance.
The federal Coalition has raised concerns about the professional backgrounds of the nominees to two new deputy chairs at the Australian Prudential Regulation Authority (APRA) in the wake of their appointment.
Former assistant treasurer David Bradbury and current APRA executive Therese McCarthy Hockey have been nominated by the government as deputy chairs for five-year terms. The pair, if confirmed, will replace outgoing Deputy Chair Margaret Cole, whose term will expire later this year.
The appointments came after a merit-based recruitment, led by the Treasury Secretary, Jenny Wilkinson, according to the federal government.
Opposition Demands More Scrutiny
Shadow financial services minister Luke Howarth said the Coalition would give the appointments a thorough look, given Bradbury's prior stint as a Labor minister and most recently his KPMG Australia connection.
The opposition has said that in wake of the growing accountability of the governance standards in the financial industry, regulators should be independent of political influence and major consulting firms.
Bradbury worked for KPMG as a senior leader prior to joining their team in 2012 as Assistant Treasurer. McCarthy Hockey has held key roles in banking supervision and financial regulation for over 20 years and joined APRA in 2023 following a number of senior roles within the regulator.
Leadership Changes at Australia's Prudential Regulator
APRA oversees banks, insurers and superannuation funds, which together hold trillions of dollars in assets in Australia's financial system. The regulator regulates institutions with substantial household savings and business lending, and the positions of its leaders are closely monitored by markets and industry players.
Both were chosen in an open and merit-based process and have complementary experience in public policy, prudential supervision and financial regulation, the government said. Their appointments are still subject to parliamentary scrutiny before they can come into effect.
The leadership shifts follow the financial institutions being under the watch of APRA as it monitors them in the face of rising interest rates, changing prudential expectations and heightened regulatory focus on operational resilience, governance and risk management.
Two deputy chairs are appointed in accordance with the governance structure of APRA and the regulator's executive leadership is responsible for overseeing the banking, insurance and superannuation industry in Australia.
Source: Bloomberg
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Pooja Malik is a business journalist with over six years of experience covering startups, entrepreneurship, and emerging trends. She has previously worked with leading media platforms such as YourStory Media and BW BusinessWorld, where she reported on business, policy, and market developments. Currently, she serves as Editor at The Inspirepreneur Magazine, where she writes and edits stories across business, lifestyle, and travel, with a focus on clarity, accuracy, and reader relevance.
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