Financial regulator denies going soft on banks
Critics say the Treasury successfully put pressure on the FCA to be more "light touch" with financial firms.
But Ms McDermott insisted the FCA was taking action, including a £72m fine imposed on Barclays in December.
Speaking to the BBC she said: "We're not going soft on the banks, we're not being told what to do by the government. We have objectives which are set for us by parliament and statute, and we are determined to deliver on those."
Ms McDermott, who took over the role after Martin Wheatley left the organisation in September, gave examples of the regulator's action on Libor and Foreign Exchange Trading, and the FCA fine on Barclays over poor handling of financial crime risks.
"If you look at what I've been doing in the last six months since I've been in the role as chief executive you'll see that we have continued to take action against the industry," she said.
However, critics have pointed to recent decisions by the FCA which they say show it is taking a lighter touch to regulation.
On New Year's Eve the authority announced it was scrapping its inquiry into whether pay, promotion or other incentives had contributed to scandals involving banks in the UK and abroad.
The FCA also decided to take no further action against HSBC after allegations it helped customers of its Swiss subsidiary avoid tax.
Former business secretary Sir Vince Cable told BBC Radio 4's Today programme he was a "bit suspicious" that the approach to the banks was softening.
"The reason for the suspicion is that shortly before the election, Martin Wheatley, who was the head of this body the FCA... was shown the door. He was too tough, he was unpopular with the banks," he said.
Cultural change
Similarly, Peter Hamilton, who is a barrister whose cases involve the financial services market and FCA regulation, also said the FCA had softened its stance since Mr Wheatley was forced to step down.
Other critics have highlighted the decision not to publish a report on how firms offer inducements to some staff to encourage them to make sales.
The FCA decision to consult on whether to impose a time limit beyond which customers could no longer put in a Payment Protection Insurance claim has also attracted criticism, along with a move to set up an expert panel to consider whether to allow commission-based selling of investment products again.
The FCA said a focus on the culture in financial services firms remained a priority.
"We have decided that the best way to support these efforts is to engage individually with firms to encourage their delivery of cultural change, as well as supporting the other initiatives outside the FCA," a spokesman said.