Top City lawyer drafted in to head FSA's appeals tribunal

The Financial Services Authority finally appointed a replacement for the head of its Regulatory Decisions Committee yesterday, more than five months after the former chief was forced to resign, due to an embarrassing chain of events which was deemed to have prejudiced a hearing of the Financial Services and Markets Tribunal.

The new head of the FSA's Regulatory Decisions Committee, which hands down the regulator's enforcement decisions, will be Tim Herrington, 50, who had been a partner in the financial services division at Clifford Chance, the City law firm, for the past 19 years.

The job will be Mr Herrington's first move since joining Clifford Chance as a trainee solicitor almost 29 years ago. However, in 1986 he was seconded to the Securities and Investment Board for a year, to assist with drafting regulations of the Financial Services Act.

Commenting on Mr Herrington's appointment, Callum McCarthy, the chairman of the FSA, said: "His wide experience and legal and financial services background give him an excellent footing to take on the important role of RDC chairman."

Christopher Fitzgerald was edged out of the post in June, after admitting to have talked about the details of an ongoing tribunal case to one of the hearing's judges, Terence Mowschenson QC.

The pair, who are old acquaintances, bumped into each other while Mr Mowschenson was walking his dog past Mr Fitzgerald's house in the early hours. Mr Mowschenson was one of four tribunal members hearing the case of Paul "The Plumber" Davidson, while Mr Fitzgerald was the head of the committee which had been responsible for originally handing down the very decision Mr Davidson was appealing against.

The next day, Mr Fitzgerald told one of his FSA colleagues about the encounter, who immediately blew the whistle to FSA chiefs and to the tribunal.

Shortly after Mr Fitzgerald's resignation, Mr Mowschenson stepped down from the tribunal, followed by the remaining three members. A date for a new hearing has yet to be set.