Starling Bank’s £29 Million Fine: A Wake-Up Call for Fintech Regulations

In a significant move, the U.K. Financial Conduct Authority (FCA) imposed a hefty £29 million ($38.5 million) fine on Starling Bank, spurred by serious deficiencies in its financial crime prevention measures. This ruling serves as a stark reminder of the heightened accountability required in the finance sector, particularly among the growing number of digital banks.