A three-year battle to clear his name has ended with former insurance broker Aaron Stephenson withdrawing his appeal against disqualification by the Australian Prudential Regulation Authority (APRA).

Mr Stephenson was barred from being a director or senior manager of an insurance company in November 2004, with APRA upholding its decision on review the following month.

He then appealed to the Administrative Appeals Tribunal but withdrew his application eight days into the hearing.

After an investigation in 2004, APRA found 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.

APRA also found Mr Stephenson failed to comply with its inspector and with the conditions on his insurance authorisation. It says he misled APRA, the inspector, its actuary and its auditor over the company’s financial accounts and statutory returns.