Margaret Cole’s five-year term as a member of APRA’s executive board will commence from July, where she will take primary responsibility for the regulator’s scope on superannuation.
She has replaced former member Geoff Summerhayes, who exited the regulator in December.
APRA deputy chair Helen Rowell, who has led the watchdog’s regulation of super during the last seven and a half years, will move to overseeing APRA’s remit over general, life and private health insurance.
APRA chair Wayne Byres commented Ms Cole is expected to bring a “strong blend of regulatory and private sector experience, with a particular focus on conduct, risk management and enforcement”.
“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,” Mr Byres 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.”
Ms Cole has experience across the regulatory and legal fields in both the private and public sectors, having worked as a managing director of enforcement and financial crime and a board member of the UK Financial Services Authority (FSA).
More recently, she worked as general counsel and chief risk officer of PwC in the UK and subsequently as the company’s global regulatory policy and engagement leader.
Ms Cole also worked for more than two decades in private practice as a solicitor, specialising in commercial litigation, with an emphasis on financial services.
