[Patricia Purcell] said she wanted the royal commission to ask why HIH bought FAI when it appeared to be in such poor financial circumstances.

Another victim of the collapse, Brisbane resident Jim Punchard, 61, also welcomed the news but said he doubted whether anything could now be done to alleviate his already hopeless position.

“I certainly haven’t got any better yet,” said Mr Punchard, who was forced to quit his job after he lost feeling in his feet and legs through diabetes. “I’m still a bloody invalid. Just because they’ve called a royal commission, that doesn’t get you any money.”

HIH collapse victim Claire Purcell yesterday welcomed the announcement of a royal commission but said she could not see that it would benefit her.

Ms Purcell, 19, is struggling to cope with work and medical bills after a netball accident four years ago. “The royal commission may or may not affect my claim, but hopefully it will stop this happening again, putting people through the emotional and physical pain that I have been through,” she said.

Even now Ms Purcell is off work, on crutches and using painkillers. Later this week she is due to have an MRI scan at an upfront cost of $500. Her insurance claim is now with the liquidator.

Her mother Patricia Purcell said the royal commission was an excellent idea. “Under oath we hope to hear the truth,” she said. “This will not help our family, going through the suffering we have, but hopefully (it) will stop others going through the same. The whole matter is wrecking my daughter’s life. The kids are the one’s being affected the most, being eaten up by the big boys.”

Patricia Purcell said she wanted the royal commission to ask why HIH bought FAI when it appeared to be in such poor financial circumstances.

“What have the independent auditors been doing through all these processes? I blame them. They must have been called in to study the FAI books before HIH purchased the company,” she said.

Another victim of the collapse, Brisbane resident Jim Punchard, 61, also welcomed the news but said he doubted whether anything could now be done to alleviate his already hopeless position.

“I certainly haven’t got any better yet,” said Mr Punchard, who was forced to quit his job after he lost feeling in his feet and legs through diabetes. “I’m still a bloody invalid. Just because they’ve called a royal commission, that doesn’t get you any money.”

Mr Punchard receives $140 a week from Centrelink, a far cry from his previous salary as a senior manager at Consolidated Bearing Company.

Mr Punchard said the federal Government had not done enough when the problems first emerged.

“You cannot convince me this hasn’t got the smell of something about it,” he said.

“There are too many people in ASIC, APRA and the Government who knew what was going on, and if the media, the Opposition and the hundreds of people put out hadn’t said anything, I believe they would have shoved it under the table.”