Jeffrey Carmichael

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+65 6418 3838 direct

Previous Experience

  • Chairman, Australian Prudential Regulation Authority
  • Chairman, Queensland Office of Financial Supervision 
  • Chairman, Australian Financial Institutions Commission
  • Professor of Finance, Associate Dean and Director of the Centre for Banking and Finance, Bond University 
  • Chief Manager, Financial Markets Group, Reserve Bank of Australia 
  • Chief Representative, New York Office, Reserve Bank of Australia

Thought Leadership

  •  “Aligning Supervisory Structures with Country Needs,” (with A. Fleming and D. Llewellyn), The World Bank.
  • “A Framework for Public Pension Fund Management,” (with R. Palacios), Public Pension Fund Management, The World Bank. 
  • “Options for Regulatory Structure,” Financial Regulation - A Guide to Structural Reform, Sweet & Maxwell, Hong Kong. 
  • “Regulatory Implications of Price Bubbles,” (with N. Esho), Asset Price Bubbles: The Implications for Monetary, Regulatory, and International Policies, MIT Press. 
  • “Public Sector Governance and the Financial Sector,” Financial Sector Governance: The Roles of the Public and Private Sectors, Brookings Institution Press. 
  • “Experiences with Integrated Regulation,” The Financial Regulator 
  • “The Development and Regulation of Non-Bank Financial Institutions,” (with M. Pomerleano), The World Bank. 

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Jeffrey Carmichael

Chief Executive Officer, Promontory Financial Group Australasia, LLP

Jeff is the head of Promontory Australasia and was the inaugural chairman of the Australian Prudential Regulation Authority. He advises clients on regulatory relations, risk management, strategy, and governance. In Australia, he pioneered a change in thinking of the role risk management and governance should play in financial services institutions, stressing a proactive approach to senior management and boards. Jeff is an internationally recognized expert on regulatory issues and has published widely on regulatory structure, design, and effectiveness.


Prior to joining Promontory, Jeff was chairman of the Australian Prudential Regulation Authority, with responsibility for regulating and supervising banks, insurance companies and pension funds. Throughout his career, he has held many senior positions, including a 20-year tenure with the Reserve Bank of Australia, seven years as professor of finance at Bond University, and appointment to a number of government inquiries, including the Wallis Inquiry into the Australian financial system, which examined deregulation and made recommendations to ensure an efficient, responsive and competitive landscape. He served on the Queensland Government's Audit Commission, and also as chairman of Tactical Global Management, the Australian Financial Institutions Commission, and the Queensland Office of Financial Supervision. He has also served as a member of the boards of Colly Cotton, an Australian agricultural company, and the Queensland Treasury Corp. 


  • Ph.D., Princeton University 
  • M.A., Princeton University
  • M.Com, cum laude, University of New South Wales, Australia
  • B.Com, cum laude, University of New South Wales, Australia

Affiliations, Awards, and Civic Engagements

  • Board member, Qatar Financial Centre Regulatory Authority
  • Former council member, Bond University
  • Former council member, All Saints Anglican School, Australia
  • Senior fellow, Australian Institute of Financial Services 
  • Officer of the Order of Australia, for service to finance, education and the community

Representative Engagements

  • Worked with a major bank to rebuild its compliance and regulatory relations structures. 
  • Helped implement a new approach to second-line assurance in a major bank. Implemented a comprehensive risk management framework in a major non-financial firm. 

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