The boss of the UK's financial watchdog has rejected criticism from MPs that it has failed to reform after years of scandal.
Nikhil Rathi, chief executive of the Financial Conduct Authority, said it is "tackling financial crime... on a scale that has never been done before in the UK".
He was responding to a report from a cross-party group of MPs which said the FCA was "incompetent" and that its culture has "got worse rather than better".
It also accused the FCA of failing to properly investigate the banks and other financial organisations it regulates, suggesting it may be too close to them.