Herrington was first appointed as 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.
The RDC was established to meet the Financial Services and Markets Act 2000 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.
Earlier this month the FSA board also appointed Martin Hagen and Andrew Long as RDC deputy chairmen.
Hagen is deputy president of the Institute of Chartered Accountants in England and Wales and until 2005 he was senior partner of Deloitte LLP’s Bristol office and head of its West of England audit practice.
Long was a partner in the Insurance Team at commercial law firm Pinsent Masons from the late 1980s and led the firm’s financial services regulation practice until his retirement in November 2005.
FSA chairman Adair Turner says: “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.
“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.”
Herrington added: “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.”