Chris Headdon, the disgraced former chief executive of Equitable Life, is free to return to the City after being banned by the FSA for six years for his part in the insurer's near-collapse.
Under the terms of the disciplinary action, the FSA can revoke the banning order at any time from 26 May this year if Headdon applies for it to be lifted.
At present his name still appears on the FSA's list of banned individuals, even though his period of enforced exile expired on that date.
Equitable Life closed to new business in 2000 and came close to collapse after failing to put sufficient funds aside to pay for the guaranteed payouts it had promised on some pension policies it had been selling from the 1950s until 1988.
A million people saw their retirement savings slashed as a result of the company's well-publicised problems.
The coalition government has said it will set up an independent compensation scheme for victims of the insurer with a view to paying out 'as quickly as possible'.
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