Context
The FCA has confirmed that Crispin Odey’s ban from the financial services industry has been upheld by the Upper Tribunal, which found he lacked integrity. The FCA again set out its belief that the only purpose of Mr Odey’s actions, which were subject to the FCA’s investigation and which resulted in the ban, was self-preservation and to avoid being held to account for his behaviour.
Key points to note and next actions
- The FCA’s case against Mr Odey comprised of five allegations. The Tribunal fully upheld them all and agreed that each demonstrated his lack of integrity.
- Alongside the allegations arising directly from his dismissal of his firm’s Executive Committees (ExCos), the Tribunal upheld the allegations that Mr Odey’s dealings with OAM, its clients, its investors and the FCA lacked candour. This included false assertions to and threatening behaviour towards the FCA’s staff.
- The Tribunal considered Mr Odey’s attempted justifications for removing the ExCos to be no more than a smokescreen.
- The Tribunal found that, during the trial, Mr Odey demonstrated a lack of insight into why his conduct lacked integrity, expressing no contrition for his behaviour and wrongly considering himself the victim. In multiple respects, the Tribunal found that Mr Odey’s evidence lacked credibility.
- The FCA had proposed to fine Mr Odey £1.83 million alongside the ban. The Tribunal decided to reduce this to £1.53m.