FCA fines and bans OAM founder

The Financial Conduct Authority (FCA) has fined the founder of Odey Asset Management (OAM) LLP, Crispin Odey, £1.8m and banned him from the UK financial services industry for a "lack of integrity".

The regulator said that Odey had "deliberately sought to frustrate OAM’s disciplinary processes into his conduct" in order to protect his own interests.

The FCA added that he had also shown disregard for the firm’s governance, causing OAM to breach certain regulatory requirements.

Furthermore, the regulator stated that Odey’s behaviour towards OAM and the FCA "lacked candour" and that he is "not a fit and proper person to perform any function related to regulated activities".

In February 2021, following an internal investigation by OAM, Odey received a final written warning from the firm’s executive committee (ExCO), in relation to inappropriate behaviour.

OAM scheduled a disciplinary hearing in November 2021 to consider whether Odey had breached the final written warning, but in December, he used his majority shareholding on OAM to remove ExCo members and appoint himself as its sole member.

He then postponed the disciplinary hearing into his conduct and appointed new ExCo members.

However, upon disagreements on how to proceed with the disciplinary hearing, he then removed these ExCo members and appointed himself again as the sole member of ExCo. After appointing two new ExCo members in July 2022, the hearing was held in November 2022.

Joint executive director of enforcement and market oversight at the FCA, said: "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."

OAM is currently in the process of winding down and is no longer authorised by the FCA.



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