FCA Cites Efforts to Obstruct Investigations and Mishandling of Misconduct Claims
Hedge fund manager Crispin Odey has been permanently banned from working in the UK financial sector and fined £1.8 million after the Financial Conduct Authority (FCA) ruled he lacked integrity and actively obstructed investigations into his conduct.
Regulator’s Verdict and Legal Challenge
The FCA stated that Odey repeatedly attempted to avoid accountability and interfered with efforts to address complaints against him. The ban prevents him from holding any position related to regulated financial activities. However, he intends to challenge the decision in the UK’s Upper Tribunal, making the ruling provisional.
The investigation revealed that Odey Asset Management, the firm he founded, was unable to properly handle complaints from female employees due to his direct interference in the process.
Allegations and Public Response
Odey has been at the centre of multiple allegations of sexual misconduct following an exposé by The Financial Times (FT), in which several women accused him of harassment and, in some cases, sexual assault. He dismissed the claims as “rubbish” and has since filed a libel lawsuit against the newspaper, insisting he is the target of a “witch hunt.” The FT has stated it will vigorously defend its reporting.
FCA’s Stance on Accountability
Therese Chambers, Director of Enforcement and Market Oversight at the FCA, emphasised the dangers of a culture where misconduct is ignored.
“A system where serious allegations are not addressed effectively poses risks to both consumers and financial markets,” she stated. “Mr Odey actively resisted accountability, and his lack of integrity makes him unfit to work in the industry.”
Despite his legal challenge, the FCA maintains that barring Odey from financial services is a necessary step to uphold industry standards and protect market integrity.
