With three former FAI employees now charged by the Australian Securities and Investments Commission (ASIC) with offences brought to light after the HIH collapse, the “APRA 90” remain unidentified. But not, it would seem, for long.

Policy Research and Consulting Division Executive GM Charles Littrell told Sunrise Exchange News that those who will be targeted aren’t all identified in the HIH Royal Commissioner’s report. He says the royal commissioner’s report has “added weight and substance” to the regulator’s own information, and individuals targeted may have breached “fitness and propriety” requirements of the Insurance Act, rather than commit criminal breaches.

The Australian Prudential Regulation Authority (APRA) “isn’t attempting to punish people”, he said. “It’s more to do with their ability and capability to hold an ‘important person’ role within a company. The likelihood of us disqualifying all 90 identified is rare, but we’re fully investigating each party’s involvement in the insurer’s demise.”

Mr Littrell said the HIH Royal Commissioner, Justice Neville Owen, said in the report “that basically just because he hasn’t recommended that action be taken against certain people, doesn’t mean the regulators can’t pursue those people”.

“The individuals identified by the report relate more specifically to ASIC rather than APRA.”