Wayne Byres has announced that he intends to stand down as chair of the Australian Prudential Regulation Authority (APRA) effective 30 October.
In a statement released on Tuesday, Mr Byres said he was honoured and privileged to have held the role and that he was pleased with what the prudential regulator had achieved during his eight-year tenure.
“There is always more to do, but the financial system is stable, APRA’s leadership team is strong, and the organisation and its people are well placed to continue to manage future challenges,” he said.
“Against that backdrop, I feel that 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.”
While noting that the decision to step down was difficult, Mr Byres said that he believed the timing was right and expressed his confidence that APRA would continue to do great things for the community.
He will continue to fulfil all of the usual obligations of the role of chair and accountable authority for APRA until his departure later this year.
“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,” he concluded.
Mr Byres has been part of APRA since its establishment in 1998 and has held a range of senior executive positions across policy and supervisory divisions.
Treasurer Jim Chalmers thanked Mr Byres for his outstanding contribution to APRA and his dedicated service to Australia, and added that he would be greatly missed.
“Throughout a long and distinguished career, Mr Byres has made a significant contribution to the Australian financial system and the global framework for prudential regulation,” he said.
“His leadership and expertise has positioned the Commonwealth to respond well to some of the greatest challenges in Australia’s history — most recently in ensuring the stability of the financial system during the COVID‑19 pandemic.”
The Treasurer confirmed that the federal government would undertake an “open and transparent process” to select the next APRA chair.
Memo Jim Chalmers: can we have a boss at APRA who will not repeat the NON-CONSULTATIVE process which resulted in the imposition of the 2021 changes to retail income protection contracts. In terms of imposed product changes, APRA must be compelled to consult the key players – life risk specialists, and from what I hear, the life insurers themselves . The mentality in 2020 was akin to the old soldier’s motto – toss the grenade into the room, close the door, walk away!