APRA deputy chair John Lonsdale has been appointed chair, taking over the role from October 31 when incumbent chair Wayne Byres steps down.

“As chair, I want to ensure APRA continues to effectively protect the financial wellbeing of the Australian community with a strong and stable financial system that underpins the functioning of the economy,” Lonsdale said in a media release.

“The challenges in front of us are significant – a rapidly shifting macro-economic environment, rapid technological development that challenge business models and regulation, cyber threats, insurance affordability pressures, climate change and improving the performance of our superannuation system to name a few,” he said.

“Successfully managing these challenges will deliver better outcomes to the Australian people.”

Margaret Cole, currently an APRA member, has been promoted to deputy chair while Suzanne Smith and Therese McCarthy Hockey, both executive directors, will be appointed new APRA members.

Cole will continue to oversee the superannuation industry, current deputy chair Helen Rowell will be responsible for general insurance, Smith will manage life insurance and private health insurance while McCarthy Hockey will look after banking.