Ms Orr says that Deloitte filed a report in July this year that was highly critical, stating that Allianz's compliance function was significantly under-resourced and "has no formal or recognised authority". 

Ms Callahan telephoned Deloitte and asked them to withdraw the report, Ms Orr says.

"That was not my finest moment," Ms Callahan admits.

She adds that she felt the report was highlighting things that had already been done.

"What I wanted was their assessment of what more needs to be done."

Ms Orr suggests Ms Callahan wanted the report withdrawn because it conflicted with information given to the regulator.