The FSA has denied it lost focus on European regulatory changes that hit the UK financial services sector.
Chairman Lord Turner said: “You win some you lose some, that is the nature of the European debate and always has been.”
Labour MP John Mann asked if Turner had “taken his eye off the ball” over the changes, including introduction of European supervisory authorities.
Turner said: “We have been focused very clearly on the European regulatory environment and many of the things which have occurred in Europe we strongly supported.”
Mann asked FSA chief executive Hector Sants if Europe had “trampled all over us” during the restructuring of UK regulatory bodies.
Sants said: “I do not think that is true and I do not think there is any evidence to suggest that.”