The Financial Services Authority (FSA) has re-appointed Tim Herrington as chairman of its Regulatory Decisions Committee (RDC).
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.
The re-appointment takes effect from 1 January 2009.
Adair Turner, chairman of the FSA, said:
"I am pleased that Tim has agreed to stay on as chairman. His re-appointment will ensure that the RDC continues to provide an objective voice on the FSA's regulatory decisions so that they are fair and in the public's interest."
Tim Herrington said:
"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. 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."
The FSA board has also appointed Mr Martin Hagen and Mr Andrew Long as RDC deputy chairmen. Their appointments took effect from 1 December 2008.
Adair Turner added:
"I would also like to welcome Martin and Andrew as the new Deputy Chairs of the RDC. 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."
Tim Herrington
Tim Herrington, aged 54, was first appointed as the RDC chairman in February 2005 following a career of nearly 30 years at Clifford Chance, heading up the law firm's financial services regulatory and asset management practices. 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. He is a past chairman of the Law Society’s Company Law Committee and currently a member of the Advisory Board of the UK’s Financial Services Lawyers Association.
Martin Hagen
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. He has worked with a large number of listed, multinational and large national companies, providing a wide range of audit, advisory and investigation services.
Andrew Long
Andrew Long, aged 53, was a partner in the Insurance Team at Pinsent Masons, a major commercial law firm, from the late 1980s and led the firm's financial services regulation practice until his retirement in November 2005. Andrew is an author and editor on financial services law. He is a board member at the Solicitors Regulation Authority and is a deputy district judge of the High Court and County Court.
Background
-
The Regulatory Decisions Committee was set up by the FSA board in November 2001. The RDC has 11 members who are all appointed by, and responsible to, the Board. All members are either current or recently retired practitioners, who all represent the public interest. Full biographies of all the RDC members and details of how the committee works can be found on the FSA website.
-
The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; and fighting financial crime.
-
The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness.
