Tim Herrington is re-appointed as chairman of Regulatory Decisions Committee (RDC) at Financial Services Authority (FSA). The FSA board has also appointed Martin Hagen and Andrew Long as RDC deputy chairmen.
Tim Herrington, aged 54, was first appointed as the RDC chairman in February 2005 following a career of nearly 30 years at Clifford Chance. Tim also assisted in the drafting of rules and regulations to be made under the Financial Services Act while seconded to the Securities and Investments Board.
Martin Hagen, aged 57, is deputy president of the Institute of Chartered Accountants in England and Wales. Until 2005 he was senior partner of Deloitte LLP’s Bristol office and head of its West of England audit practice.
Andrew Long, aged 53, is a board member at the Solicitors Regulation Authority and is a deputy district judge of the High Court and County Court.
The RDC was established to meet the Financial Services and Markets Act 2000 (FSMA) requirement that investigation and recommendation functions are conducted separately to decision making and the issuing of statutory notices. Decisions made by the Committee include disciplinary actions, the refusal of firms’ applications for permission and the cancellation of permission to conduct regulated activities.
“I am pleased to have had the opportunity to undertake this role at the FSA and to be able to carry on the very valuable work that the RDC does,” says Tim Herrington. “FSA regulatory processes must be fair, proportionate and subject to an effective challenge process to maintain the industry’s confidence and I, as well as the other RDC committee members, aim to continue ensuring that this happens during my second term.”
“I would also like to welcome Martin and Andrew as the new Deputy Chairs of the RDC,” says Adair Turner. “They both have a wealth of experience in financial services, regulation and the legal fields, which will be beneficial in helping to achieve the RDC’s objectives.”
L.D.