Key facts
- Crispin Odey has lost his appeal against a lifetime ban from the UK financial services industry.
- The Upper Tribunal upheld the ban imposed by the Financial Conduct Authority (FCA).
- A proposed fine of £1.83 million was reduced to £1.53 million.
- The tribunal found Odey lacked integrity and obstructed an internal investigation into sexual harassment allegations.
- Odey Asset Management ceased trading in 2023 following media reports on misconduct allegations.
Crispin Odey, a former hedge fund boss and Conservative party donor, has lost his legal challenge to overturn a lifetime ban from the UK financial services industry and a reduced fine of £1.53 million. The ruling by judges at the Upper Tribunal upheld the ban initially imposed by the Financial Conduct Authority (FCA) in March last year.
The tribunal found that Odey "lacked integrity" due to his behaviour at Odey Asset Management (OAM) between December 2021 and November 2022, and concluded that he is not a fit and proper person to work in financial services. The FCA's case and the tribunal's judgment focused on Odey's obstruction of an internal investigation into sexual harassment allegations, rather than the specific allegations themselves.
According to the tribunal, Odey misused his power to remove the entire executive committee (ExCos) twice in an attempt to protect his own interests and frustrate the investigation. The judges noted that Odey expressed no contrition and wrongly saw himself as the victim. During the appeal hearing, Odey made controversial admissions, including blaming sedatives for an alleged groping incident in 2005 and stating he did not remember making a sexually suggestive comment to a female employee.
OAM ceased trading in 2023 after allegations against Odey were reported in the media. Therese Chambers, the FCA's executive director for enforcement and market oversight, commented that Odey acted with "arrogant entitlement" and a "complete disregard for proper governance," making him unfit for financial services.