We receive enquiries on a daily basis from (often disgruntled) representatives who wish to re-enter the industry by applying to have their debarment lifted.
Unfortunately, as a representative, you cannot apply to have the debarment lifted. It has to be done via a registered FSP.
The guidelines published by the FSB stipulate the following:
The provider must, before requesting the Registrar to remove a debarred representative from the database of debarred representatives, be satisfied that the representative is a person who is honest and has integrity. The provider must do so by submitting satisfactory evidence, affidavits or testimonials, in order to support the proposition.
The onus rests on the applicant, as a first step, to convince the Registrar on a balance of probabilities that there has been a genuine, complete and permanent reformation on the part of the representative and that the defect of character, attitude or other aspect that led to the representative being considered not fit and proper no longer exists. Furthermore, that if reappointed as a representative, she or he will in future conduct her or himself in a professional manner and will be someone who can be trusted to perform the duties of a representative in a satisfactory way and in the interest of the clients and the industry.
It must also be clear when the Registrar peruses the documents supplied by the provider, that the latter is aware of the details of the applicant’s transgression and the provider is satisfied that the representative will not commit the offence again.
Click here to download the FSB guideline on the reappointment of debarred reps for more information on how to formulate a request for reinstatement to the FSB.
