Fault Tolerant Control (FTC) systems are crucial in industry to ensure safe and reliable operation, especially of motor drives. This paper proposes the use of multiple controllers for a FTC system of an induction motor drive, selected based on a switching mechanism. The system switches between sensor vector control, sensorless vector control, closed-loop voltage by frequency (V/f) control and open loop V/f control. Vector control offers high performance, while V/f is a simple, low cost strategy with high speed and satisfactory performance. The faults dealt with are speed sensor failures, stator winding open circuits, shorts and minimum voltage faults. In the event of compound faults, a protection unit halts motor operation. The faults are detected using a wavelet index. For the sensorless vector control, a novel Boosted Model Reference Adaptive System (BMRAS) to estimate the motor speed is presented, which reduces tuning time. Both simulation results and experimental results with an induction motor drive show the scheme to be a fast and effective one for fault detection, while the control methods transition smoothly and ensure the effectiveness of the FTC system. The system is also shown to be flexible, reverting rapidly back to the dominant controller if the motor returns to a healthy state.