The Upper Tribunal has ruled on an application by Mohammad Prodhan, former CEO of Sonali Bank (UK). Mr Prodhan contended that FCA was time-barred from taking action against him. He also applied for a direction for his anonymity in proceedings of the Tribunal and the FCA.
Mr Prodhan alleged that FCA had not issued him with a Warning Notice within the required 3 year period from when it became aware of his “misconduct”. The relevant period would have started mid-way through the events which led to FCA’s action against the bank, its former MLRO and Mr Prodhan. Mr Prodhan sought to rely on letters FCA had sent setting out the perceived failings in the bank’s systems and controls, dated 3 years and 2 months before the Warning Notice was issued.
The Tribunal declined to allow the time-barring allegation to be heard as a preliminary hearing, and rejected the privacy arguments.