FCA decides to fine and ban Crispin Odey

The FCA has published a decision notice of a fine of £1.8m and ban on Crispin Odey for his actions in, in its view, deliberately acting to frustrate Odey Asset Management’s disciplinary process into his conduct. The firm had issued him with a final written warning because of inappropriate behaviour and later scheduled a hearing to assess whether he had breached it. At that point, Mr Odey used his majority shareholding in the firm to remove the members of its ExCo and replace them within himself -and then postponed the hearing indefinitely on the basis that he would not be able to conduct it impartially. He then appointed other ExCo members who he again removed after disagreement on how to proceed with the hearing.

The FCA said his behaviour towards both it and the firm lacked candour and showed that he is not fit and proper person. Mr Odey is appealing the FCA’s decision to the Tribunal. The firm is in the process of winding down.