APRA chairman, Wayne Byers to stand down
The chairman of the Australian Prudential Regulation Authority, Wayne Byres, is to stand down effective from 30 October.
Byres announced his intention to stand down in a statement issued today, noting that the Treasurer had also announced his move.
Byres said he believed “now is a good time to hand over the Chair’s role to someone new, who will lead the organisation on the next stage of its journey.
“Just as we expect the financial institutions we regulate to carefully consider how they renew their leadership, the same applies to APRA. It has been a difficult decision to make, as there is much about APRA I will miss, but after eight years as Chair I believe the time is right. I have every confidence the organisation will continue to do great things for the Australian community.”
“Until my departure in a few months’ time, I will be fulfilling all my usual obligations as Chair and accountable authority for APRA. However, I would like to take the opportunity that today’s announcement provides to acknowledge my friends and colleagues in APRA, and across the public sector more broadly, for their unstinting support and cooperation. I have greatly appreciated their help.”
Thanks APRA for the bloody mess you’ve made faffing with Income Protection insurances from 1 Apr 2019 (banning Agreed Value IP) and 1 Oct 2021 (a lot raft of changes that WERE NOT IN THE BEST INTERST of the public nor advisers).
Good riddance!
When it comes to the Prudential regulation of the Superannuation industry, talk about a body missing in action.
Anyone else think it is a coincidence that ALP & Greens win Gov and this guy quietly steps aside years before due to allow the new incumbents the ability to appoint their own stooge to the head role?
Wonder what his buy out $ amount was?