The Financial Services Authority is preventing 23 Home of Choice app-ointed representatives from reauthorising under the First Complete banner.
A spokeswoman for Home of Choice says 13 ARs were suspended or under investigation by the regulator when the network went into administration.
A further 10 have been denied reauthorisation by the FSA but have not been told why.
The spokeswoman says: “The FSA has not clarified why it does not want the other 10 to transfer.”
An FSA spokeswoman says: “We are working with the company to effect a bulk transfer of ARs where possible.”