This paper proposes a switching Fault-Tolerant Control (FTC) approach for linear systems subject to time-varying actuator and sensor faults. The faults under consideration include effectiveness loss of actuators and sensors. For each fault case, a parameter-dependent (or constant gain) FTC is designed to stabilize the faulty system with optimal controlled performance. The synthesis condition of such a local FTC control laws is formulated in terms of Linear Matrix Inequalities (LMIs). To achieve both local optimal performance and switching stability, Youla parameterizations of individual local FTCs is derived and applied to the closed-loop system. The quadratic stability of fast switching closed-loop system is guaranteed by a common quadratic Lyapunov function.