Financial Conduct Authority fines Crispin Odey GBP 1.8 million and bans him from the UK financial services industry for lack of integrity

The Financial Conduct Authority has issued a Decision Notice fining Crispin Odey of Odey Asset Management LLP GBP 1.8 million and banning him from the UK financial services industry for a lack of integrity. Mr Odey has referred the Decision Notice to the Upper Tribunal, so the findings are provisional and reflect the FCA’s view of what occurred. The FCA considers Mr Odey deliberately sought to frustrate Odey Asset Management LLP’s internal disciplinary processes to protect his own interests, showed reckless disregard for the firm’s governance that caused it to breach certain regulatory requirements, and lacked candour in his dealings with both the firm and the FCA. The FCA’s account includes Mr Odey using his majority shareholding to remove and replace the firm’s executive committee and appoint himself sole member in December 2021 and again in March 2022, contributing to a disciplinary hearing originally scheduled for 30 November 2021 being held on 29 November 2022. The reference to the Upper Tribunal will proceed using an expedited procedure after Mr Odey waived his rights to make representations in the FCA’s internal decision-making process. The FCA also noted that Odey Asset Management LLP is winding down and is no longer authorised.