APRA review panel named

The panel tasked with reviewing the Australian Prudential Regulation Authority will be led by former Australian Competition and Consumer Commission chair Graeme Samuel and includes Wesfarmers non-executive director Diane Smith-Gander.

Former Reserve Bank of New Zealand acting governor Grant Spencer will also be part of the panel.

Apra oversees banks, credit unions, insurance companies, and most members of the superannuation industry.

The review was as part of commissioner Kenneth Hayne’s recommendations from the Financial Services Royal Commission.

In his final report from the royal commission, Mr Hayne recommended a capability review into the watchdog, following the Productivity Commission also advocating for a review of Apra.

Treasurer Josh Frydenburg said the capability review would provide a forward-looking assessment of Apra’s ability to respond to an environment of growing complexity and emerging risks for its regulated sectors.

“The capability review will build on the recently completed International Monetary Fund’s Financial Sector Assessment Program which included an assessment of APRA’s policy and supervisory framework for banks and insurers,” he said.

The panel’s work will begin in March and will report to the federal government by the end of June.

Perth-based Ms Smith-Gander is also current the chair of Safe Work Australia, a non-executive director of AGL Energy and board member of UWA Business School.

She has also served as an executive at Westpac and a partner and management consulting firm McKinsey & Company.