Is it possible to respec in multiplayer?

Say I spent my points in a manner I now regret, is it possible to reset and respend the points for a particular multiplayer class?

Actually, you can respec your character, but you need a "respec kit" available through purchasing packs with credits. It's a rare, gold so they are random and difficult to find.

You can't respec in multiplayer, not at whim (you need a rare item, as mentioned by Scott's answer), but you have a different option available to you: Promotion.

This is a purely optional choice, but it is the most easily available way you can reallocate your skill points, since there's no other way to delete your character once made.

The other option, of course, is to simply play a different version of that class. If you're playing as a human, you can create a human of the opposite gender and start your power build from scratch. If things get really bad, you can even switch to one of the other races, level them up to 20, and avoid having to play with the "bad spec" you want to get out of in the first place.