Tim Herrington, a partner of law firm Clifford Chance, was yesterday named as one of the City’s most senior regulators.
Mr Herrington – who at Clifford Chance advised firms such as Prudential, JP Morgan and Goldman Sachs – is becoming the new head of the Financial Services Authority’s regulatory decisions committee.
The previous head of the RDC – a crucial part of the regulatory process which rules on enforcement, authorisation and supervision issues – was forced to resign in mid-June amid allegations of misconduct. Christopher Fitzgerald quit after he had a midnight meeting with a judge hearing an appeal by Paul Davidson, the entrepreneur known as “the Plumber”, who is fighting a £750,000 fine for market abuse.
Mr Fitzgerald was involved in approving the fine and briefly discussed the appeal case in the early hours of the morning with Terence Mowschenson QC who was out walking his dogs at the time. The appeal panel was suspended and is yet to resume.
Mr Herrington, 50, said he would avoid conflicts of interest by not hearing cases involving any of his former clients. His appointment was recommended to the FSA board by a nominating committee which included Jonathan Bloomer, chief executive of Prudential who is also chairman of the financial services practitioner panel, Ann Foster, chairman of the financial services consumer panel, and Deirdre Hutton, chairman of the national consumer council and non-executive deputy chairman of the regulator. He is leaving Clifford Chance after 29 years.