FCA Takes Action Against Crispin Odey with £1.8m Fine & Industry Ban

The Financial Conduct Authority (FCA) has announced its decision to fine Crispin Odey, founder of Odey Asset Management LLP (OAM), £1.8 million and ban him from the UK financial services industry for lacking integrity. The FCA asserts that Mr Odey deliberately obstructed OAM’s internal disciplinary processes to protect his own interests, demonstrating reckless disregard for corporate governance and regulatory compliance.

However, as Mr Odey has referred the Decision Notice to the Upper Tribunal, its findings remain provisional pending a final ruling.

According to the FCA, Mr Odey’s conduct showed a lack of candour towards both OAM and the regulator, raising concerns about his fitness and propriety to engage in regulated financial activities. The watchdog maintains that his interference in OAM’s governance caused regulatory breaches, undermining trust in the firm’s ability to address misconduct effectively.

The case centres around events that followed a final written warning issued to Mr Odey by OAM’s executive committee (ExCo) on 4 February 2021 for inappropriate behaviour. A disciplinary hearing was subsequently scheduled for 30 November 2021 to assess whether Mr Odey had breached this warning. However, on 24 December 2021, he used his majority shareholding to remove ExCo’s existing members, appointing himself as its sole member, and indefinitely postponing the hearing, citing impartiality concerns.

Although Mr Odey later appointed new ExCo members and resigned from his role, further disagreements over the disciplinary process led him to dismiss ExCo members again on 31 March 2022, once more taking sole control. It was not until 29 November 2022—nearly a year after the originally scheduled hearing—that OAM’s disciplinary process was completed.

Therese Chambers, joint executive director of enforcement and market oversight at the FCA, emphasised the importance of accountability in financial services, stating:"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 actions highlight its commitment to upholding integrity and regulatory compliance within the financial sector. However, the final outcome now rests with the Upper Tribunal, which will determine the ultimate course of action.

Read the press release here.