The Treasury Committee has published FCA’s response to its enquiry on the supervision of Odey Asset Management, following the media allegations of highly inappropriate behaviour by Cripin Odey (which he has denied). The key message behind the response is that FCA is focussed on improving the culture of firms it regulates, and stressing its role in taking action on non-financial misconduct. Much as it notes that non-financial misconduct can amount to a breach of its conduct rules it also notes that it is not an alternative to criminal prosecution, a firm’s internal disciplinary processes or for proceedings in the Employment Tribunal, and that it can take action only to further one of its statutory objectives. It has taken action several times when individuals have convictions for sexual or other offences. It confirmed that it has ongoing investigations into Crispin Odey and Odey Asset Management, which is focusing on whether Mr Odey dismissed the firm’s Executive Committee for an improper purpose, and whether the firm breached FCA Principles. Mr Odey last held a senior manager role in 2020, and is now no longer a certified individual either. FCA’s response annexes details of its enforcement cases relating to non-financial misconduct to date.