FSA chief executive Hector Sants has said he did not mean to cause offence when he said it was acceptable for 20% of IFAs to leave the industry due to the RDR, but maintains the exits will not harm consumers.
Sants told MPs he "always tries to be mild mannered" and did not mean to cause offence with the comment.
He said: "It was never my intention to cause advisers offence in the language I used. I always try to be mild mannered."
Sants had made the comments at an earlier TSC hearing on financial regulation.
However the FSA chief executive stood by his assertion that up to 20% of IFAs leaving the industry would have "no adverse effect" on consumers.
However, when quizzed by MPs on how many IFAs leaving the industry it would take to cause harm to consumers, he admitted the FSA did not have firm figures on this outcome.
He said: "It is difficult to judge. We have no specific numbers for the loss of IFAs."
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