Crispin Odey has challenged his Decision Notice at the Upper Tribunal, where both he and the FCA will present their cases. The findings outlined in the Decision Notice remain provisional, reflecting the FCA’s perspective on the events and its assessment of his conduct.

The FCA has determined that Crispin Odey, founder of Odey Asset Management LLP (OAM), should be fined £1.8 million and permanently banned from the UK financial services sector due to a lack of integrity.

According to the FCA, Mr. Odey deliberately obstructed OAM’s disciplinary proceedings to protect his own interests, showing reckless disregard for the firm’s governance and causing regulatory breaches. The FCA also asserts that his interactions with both OAM and the regulator lacked transparency, reinforcing its view that he is unfit to perform any role in regulated financial activities.

OAM’s internal investigation led to a final written warning for Mr. Odey on 4 February 2021 regarding inappropriate behavior. Later that year, the firm scheduled a disciplinary hearing for 30 November 2021 to assess whether he had violated this warning. However, on 24 December 2021, Mr. Odey leveraged his majority shareholding to dismiss OAM’s executive committee (ExCo) and appoint himself as its sole member. On 6 January 2022, he indefinitely postponed the hearing, citing an inability to oversee it impartially.

Although he appointed new ExCo members and stepped down on 12 January 2022, disputes over the disciplinary process led him to dissolve the ExCo again on 31 March 2022, reinstating himself as its sole member. He remained in this role until appointing two new ExCo members on 4 July 2022. As a result, the disciplinary hearing, initially scheduled for November 2021, did not take place until 29 November 2022—nearly a year later.

Therese Chambers, joint executive director of enforcement and market oversight at the FCA, commented:
“A culture of silence, where misconduct is not properly addressed, poses a risk to both consumers and markets. Mr. Odey repeatedly obstructed efforts to hold him accountable. His lack of integrity justifies his removal from the industry.”