The Financial Conduct Authority has fined and banned Crispin Odey, head of Odey Asset Management, over ‘reckless disregard’ for failures of governance at the firm
Odey has been banned from working in the financial services sector ‘on the basis that he is not fit and proper due to his lack of integrity’, the FCA has determined, and has fined him £1,835,200.
This is not the final word as the sanction and ban has been disputed by Odey, and he has referred the decision to the Upper Tribunal. Odey disputes the regulator’s findings and a hearing will be held where both parties will be able to present their sides of the case.
The FCA considers that Odey deliberately sought to frustrate Odey Asset Management’s disciplinary processes into his conduct to protect his own interests.
Odey was the founder and majority owner of Asset Management LLP, an investment management and advisory firm based in London.
