Mr Herrington, a financial services partner at City law firm Clifford Chance, is expected to begin his role early in the New Year. The appointment was approved at the FSA's Board meeting yesterday.
Callum McCarthy, FSA Chairman, said:
"The Regulatory Decisions Committee is central to the FSA's decision making process. The Committee takes decisions - on enforcement, authorisation and supervision matters - that are of material significance to the firms and individuals concerned and go to the heart of their ability to engage in regulated activities.
"Tim Herrington's wide experience and his diverse legal and financial services background give him an excellent footing to take on the important role of RDC Chairman."
The RDC was established to meet the Financial Services and Markets Act (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 authorisation and the cancellation of permission to conduct regulated activities.
The committee has 24 members who are all appointed by, and responsible to, the Board. All members are either current or recently retired practitioners or non-practitioners, who all represent the public interest.
