The fine is a significant blow to Starling Bank, which has grown rapidly in recent years. The bank's revenue has been growing at a rate of over 50% per annum, and it has established itself as a major player in the UK's digital banking market.

The FCA's actions are also significant, as they mark a shift in the regulator's approach to regulating digital banks. The FCA has long been critical of the lack of oversight of digital banks, which it says are often less regulated than traditional banks.