Odey Asset Management’s (OAM) executive committee found at least 46 allegations of inappropriate conduct by founder Crispin Odey towards female OAM employees between 2003 and 2020 during an internal investigation conducted between 2020 and 2021.
The findings were released in court papers submitted by the FCA to the Upper Tribunal on Monday (2 February) as evidence ahead of a legal battle between the regulator and Odey, due to the latter contesting a fine and a ban issued by the former.
The FCA filings said the allegations ranged in seriousness from an allegation of sexual assault in 2005, to an incident in 2020 in which Odey was said to have brought a recently purchased skirt into OAM and required a receptionist to try it on and show it to him, ostensibly to see if it would fit his daughter.
“In multiple instances these allegations were accompanied by evidence that the female member of staff concerned was either reluctant to make a formal report to OAM or, if the matter was reported, did not want to ‘make too much drama’ for fear of losing her job’,” the report said.
Odey Asset Management announced it was winding down its business on 31 October 31 2023 and the FCA banned Odey from the UK financial services industry for a lack of integrity and fined him £1.8m in March 2025.
The regulator said at the time Odey “sought to frustrate OAM’s disciplinary processes into his conduct to protect his own interests…The FCA considers Mr Odey’s conduct demonstrated that he is not a fit and proper person to perform any function related to regulated activities.”
Ahead of the full trial, scheduled for March, Odey called into question the watchdog’s remit.
A spokesperson for Odey said: “Mr Odey is challenging the FCA’s decision to fine him £1.8m and ban him from the regulated UK financial services industry.
“The case raises fundamental questions about the proper scope of the FCA’s jurisdiction and the extent to which it may discipline individuals, including controllers of authorised firms/persons for actions judged to have breached its code of conduct. Mr Odey looks forward to presenting his case before the Tribunal.”
