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FCA decides to ban Crispin Odey and fine him £1.8m

Crispin Odey.
Crispin Odey. Photograph: REX/Shutterstock

Newsflash: Britain’s City watchdog has decided to fine financier Crispin Odey £1.8m and ban him from the UK financial services industry “for a lack of integrity”.

The Financial Conduct Authority says that it believes Odey “deliberately sought to frustrate” the disciplinary processes of his hedge fund, Odey Asset Management LLP (OAM) “to protect his own interests”, following allegations of sexual harassment.

The FCA says:

Mr Odey showed reckless disregard for OAM’s governance, causing OAM to breach certain regulatory requirements. In addition, the FCA considers that Mr Odey’s behaviour towards both OAM and the FCA lacked candour.

The FCA considers Mr Odey’s conduct demonstrated that he is not a fit and proper person to perform any function related to regulated activities.

Odey has referred his Decision Notice to the Upper Tribunal where he and the FCA will present their cases, meaning the FCA’s findings are provisional.

The regulator explains that Odey used his majority shareholding in OAM to remove the existing members of its executive committee, just weeks before he was due to appear for a disciplinary hearing in January 2022. Having appointed himself ExCo’s sole member, Odey decided the disciplinary hearing into his conduct would be indefinitely postponed since he said he was unable to conduct it with impartiality, the FCA explains.

Therese Chambers, joint executive director of enforcement and market oversight at the FCA said:

“A culture of silence in which allegations of misconduct are not dealt with effectively can put consumers and markets at risk. Mr Odey repeatedly sought to evade and obstruct efforts to hold him to account. His lack of integrity means he deserves to be banned from the industry.”

The FCA’s ruling follows allegations published last year by the Financial Times, with Tortoise Media, which reported claims of sexual assault and harassment against Odey from 20 women. The allegations led to him being removed from his hedge fund business, and in October 2023 OAM announced it was closing.

Odey has previously denied the allegations against him, and is suing the FT for libel, seeking at least £79m in damages.

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You can read the Decision Notice for Robin Crispin William Odey online, here.

Reminder, the findings are provisional, as Odey has referred the Decision Notice to the Upper Tribunal.

Explaining the decision to ban Odey from the City, the Notice states:

During the relevant period, Mr Odey demonstrated a repeated disregard for standards and requirements that he was expected to meet, including by deliberately frustrating a disciplinary process designed to scrutinise his conduct and uphold OAM’s internal policies and procedures relevant to the performance of regulated activities.

Mr Odey’s behaviour towards both OAM and the Authority lacked candour. He used improper means to protect his own interests and achieve his objectives; the reasons he gave for his dismissal of ExCo, and his conduct in his dealings with the Authority also support the finding that he lacks integrity.

Mr Odey’s conduct exposed investors to the risk of harm and risked undermining the integrity of the UK financial system.

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Posted: 2025-03-17 11:47:12

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