An FCA expert who dismissed claims that due diligence is too time-consuming and too cost-prohibitive for small firms will take over from technical specialist Rory Percival.

Mr Percival, who is exiting to set up his own consultancy, has had a liaison role, speaking regularly to advisers, Financial Planners and Paraplanners about the regulator’s expectations.

Chris Hewitt, who spoke to the CISI Paraplanner Conference a few months ago, will take over from him. He is a lead associate in the FCA’s investment intermediaries department.

Mr Percival, pictured below, said on Twitter: “I am very pleased to announce that my successor is Chris Hewitt. Many will know Chris from doing very similar events to me in recent years.

“He's not the new Rory Percival; he is his own man. And he is nicer than me.”

Mr Hewitt, an expert in due diligence, a former IFA, told conference delegates earlier this year that 'size doesn't matter' when it comes to Paraplanners and Financial Planners complying with regulatory due diligence demands.

He said: "We often hear the comment that due diligence is too time-consuming and too cost-prohibitive for small firms. We don't agree wth that. We saw several small firms, including one man bands, doing very well. Size doesn't matter."

Mr Hewitt also said that there needed to be a more thoughtful approach to platforms because they were not necessarily right for all clients and some clients assets may be better held "off platform."