To be eligible for this registration you must:
- have completed the mandatory qualifications detailed in the regulations
- attach a criminal database search for yourself or in the name of the company applicant and each individual that is a director for the company applicant.
- have an overseas police check from any country where you (and all directors of any company applicant) have been a resident for at least one year in the last 10 years
- submit written evidence of adequate and appropriate professional indemnity and fidelity insurance
- submit two referee reports attesting that you (and all directors of any company applicant) are a fit and proper person
- demonstrate that you have the ability, including the knowledge, to immediately perform satisfactorily the duties of a debt agreement administrator
- demonstrate that you have adequate systems and controls to perform the work of a debt agreement administrator
- comply with the obligations as set out in the legislation
- pay the prescribed applicant fee.
Both individuals and companies may apply.
On 27 June 2019, an additional fit and proper test was introduced for individual and company applicants, and directors of any company applicants.
The intent of this new requirement is to ensure that only people with the attributes of honesty, integrity, diligence, judgment, and good character should be allowed to enter and operate within the personal insolvency sector.
Further information can be found in Fit and proper requirements for personal insolvency practitioners.
