The Australian Prudential Regulation Authority (APRA) has announced the appointment of Wayne Byres to the role of Executive GM, Diversified Institutions Division.

The promotion, which came into effect yesterday, moves Mr Byres from the position of GM, Specialised Institutions Division. He has been with APRA since its establishment in 1998, working in prudential policy and front-line supervision.

He replaces Tom Karp, who was appointed Executive GM of the newly formed Supervisory Support Division following changes to the organisational structure.

Diversified Institutions is one of APRA’s two front-line supervisory divisions, with responsibility for large and complex financial institutions in deposit-taking, insurance and superannuation.

Mr Byres played a role in the development of the general insurance reforms that came into force from July 2002. Before joining APRA he was with the Reserve Bank of Australia.