The Australian Prudential Regulation Authority has made board member Therese McCarthy Hockey and former federal assistant treasurer David Bradbury deputy chairs.

Both have been appointed for five-year terms, with Ms McCarthy Hockey to start this Thursday and Mr Bradbury on September 1.

Under a revised allocation of responsibilities, board member Suzanne Smith will continue to oversee supervision of the general, life and private health insurance industries.

Ms McCarthy Hockey will continue to lead banking supervision, and Mr Bradbury will assume responsibility for superannuation.

APRA chair John Lonsdale says the appointments give the prudential regulator a strong mix of public and private sector experience.

Ms McCarthy Hockey has been with APRA for eight years, joining the board in 2022.

She has more than 20 years’ experience in financial markets and also oversees APRA’s strategy, risk and compliance functions.

Mr Bradbury is chair of the Board of Taxation and previously held leadership roles at the Organisation for Economic Co-operation and Development before becoming a partner in KPMG Australia’s consulting division. He served as parliamentary secretary to the treasurer and assistant treasurer between 2010 and 2013.

Mr Lonsdale will retain responsibility for the superannuation sector until Mr Bradbury takes up his role.