In a significant decision, the UK’s Financial Conduct Authority (FCA) has imposed a £1.8 million fine on hedge fund manager Crispin Odey and has barred him from participating in the financial services sector. The FCA pointed to Odey’s “lack of integrity” and intentional efforts to hinder internal disciplinary proceedings.
The FCA’s inquiry found that in late 2021, Odey leveraged his majority ownership to dismiss members of his firm’s executive committee, appointing himself as the only member. This maneuver indefinitely delayed a disciplinary hearing that was set to take place regarding his behavior. The FCA stated that such actions illustrated Odey’s reckless disregard for proper governance protocols.
Therese Chambers, the FCA’s joint executive director of enforcement and market oversight, remarked that a culture in which misconduct allegations go unaddressed poses dangers to consumers and the markets. She stressed that Odey’s repeated attempts to evade accountability warranted his prohibition from the industry.
Odey has appealed the FCA’s ruling to the Upper Tribunal, making the findings provisional while a further review is conducted.
This action follows earlier allegations of sexual misconduct against Odey, which he has continuously denied. The measures taken by the FCA highlight its commitment to upholding integrity in the financial industry.
