4 December 2018
FCA Publishes Decision Notice 4 December 2018 against former SBUK CEO, Mr Mohammad Ataur Rahman Prodhan.
The above Decision Notice has been issued against Mr Prodhan, former CEO at SBUK between 11 April 2012 and 8 May 2015. This FCA Decision Notice has no legal effect or connection with SBUK. The Decision Notice states…
“Mr Prodhan has referred this Decision Notice to the Upper Tribunal (the Tribunal) where he and the FCA will each present their cases. The Tribunal will determine what, if any, is the appropriate action for the FCA to take, and will remit the matter to the FCA with such directions as the Tribunal considers appropriate for giving effect to its determination. The Tribunal’s decision will be made public on the Upper Tribunal website. Accordingly, the proposed action outlined in the decision notice will have no effect pending the determination of the case by the Tribunal.”
The findings in the Decision Notice are connected with the FCA’s belief of Mr Prodhan’s role at SBUK during his tenure as CEO between 7 June 2012 and 4 March 2014.
As such SBUK confirms that the FCA action against Mr Prodhan has no bearing on current SBUK banking operations or organisation – the matters are historical from more than 4 years ago.
Since then SBUK has taken all required regulatory steps to improve its systems and controls.
We wish to assure all of our customers and counterparties that it is business as usual at SBUK and there is no current regulatory action by the FCA against SBUK.