Former HIH internal auditor Greg Waters has stepped up to a senior managerial role at the Australian Prudential Regulation Authority (APRA). Media reports suggest some of his intricate knowledge of the ins and outs of what really happens in  insurers’ boardrooms will be valuable to the regulator.

Mr Waters was the person who reported to Swiss shareholders Winterthur Insurance in 1996 that HIH’s financial practices in London were “appalling”. He was also sceptical of the actions of HIH founder and CEO Ray Williams and prior to the collapse sent a personal note of concern to Chairman Geoff Cohen.

The note did little good. HIH Royal Commissioner Neville Owen found Mr Cohen’s management skills to be “utterly ineffective”. 

APRA isn’t letting on too much about Mr Waters’ appointment. The usual routine announcement of the new appointment didn’t eventuate and APRA did confirm to Sunrise Exchange News that Mr Waters’ title is Senior Manager Diversified Institutions Division.