Definition:
The Financial Conduct Authority (FCA) is the UK’s financial regulatory body responsible for overseeing financial markets and ensuring firms comply with consumer protection and market integrity rules.

Contextual Explanation:
The FCA regulates banks, payment institutions, and investment firms to promote transparency and prevent financial crimes.

Why It Matters:
Firms under the FCA’s jurisdiction must meet stringent compliance standards to operate legally in the UK’s financial sector.

Example:
A fintech company applying for an e-money license in the UK must obtain approval from the FCA and demonstrate robust compliance measures.