The Financial Conduct Authority (FCA) has fined Robin Crispin Odey £1.8 million and banned him from the UK financial services industry.
Crispin Odey was found to have ignored governance rules and blocked Odey Asset Management’s (OAM) disciplinary process to protect himself from allegations of inappropriate behaviour, leading to regulatory breaches.
The Executive Committee (ExCo) of OAM gave Crispin Odey a final written warning for his inappropriate actions on February 4, 2021. On 24 December 2021, Crispin Odey utilised his majority shareholding to remove ExCo members and install himself as the sole member in anticipation of a disciplinary hearing to evaluate additional violations set for November 30, 2021. He then cited his inability to conduct the hearing impartially and postponed it indefinitely.
On March 31, 2022, he dissolved ExCo once more and restored himself as the exclusive decision-maker despite having subsequently resigned from the organisation and selected new members. He maintained control until July 4, 2022, when he appointed two new ExCo members. Almost a year after it was originally scheduled, the postponed disciplinary hearing ultimately happened on November 29, 2022.
The FCA has concluded that Crispin Odey was unqualified to serve in any capacity related to regulated financial operations because of his actions, which showed dishonesty and a lack of candour.
FCA joint executive director of enforcement and market oversight Therese Chambers says: “A culture of silence in which allegations of misconduct are not dealt with effectively can put consumers and markets at risk. Mr Odey repeatedly sought to evade and obstruct efforts to hold him to account. His lack of integrity means he deserves to be banned from the industry.”
