Project Mercury was the name of America’s first manned space flight in 1958. Down here on Earth, it’s what the Australian Prudential Regulation Authority (APRA) calls its investigation into the collapse of HIH Insurance.

A press release from the regulator yesterday had Project Mercury in its title – a matter that appears to have slipped through the regulator’s fingers via a media release.

When questioned about the title, APRA spokesman Stuart Snell told Sunrise Exchange News the term was used as a “working title” for the release.

The press release says APRA has been making “steady progress” with Project Mercury. It notes that 42 people have been asked to show cause as to why they shouldn’t be disqualified from senior insurance positions since the HIH Royal Commission released its report in 2003.

Of that number, 22 have been disqualified and an enforceable undertaking has been taken by one person. Four of these people are still on appeal at the Administrative Appeals Tribunal.

Another four people have had their disqualifications overturned after internal reviews, and three people have challenged APRA at the “show cause” stage in the Federal Court.

“It has been a long process following up on the Royal Commission,” APRA Deputy Chairman Ross Jones said. “While we still have further work in this area, we have made substantial progress and have concluded a considerable number of actions.”