On August 7 we described Aaron Stephenson as a former insurance broker. This was not correct.

Mr Stephenson, who in 2004 was disqualified by the Australian Prudential Regulation Authority (APRA) from being a director or senior manager of an insurance company, is working as an insurance broker and is the licensee of Rural & General Insurance Broking, a licensed broker regulated by the Australian Securities and Investments Commission (ASIC).

In 2004 APRA found that Mr Stephenson, while head of Rural & General Insurance Limited, was responsible and accountable for a series of transgressions including failing to keep proper records and breaching prudential standards, failing to comply with its inspector and with the conditions on his insurance authorisation.

However, the banning has not affected his ability to continue working in the industry as an insurance broker.