Former hedge fund manager Crispin Odey has lost his appeal against a lifetime ban from the UK financial services industry, with the Upper Tribunal ruling that he lacked integrity, while reducing his fine from £1.83 million to £1.53 million.
The tribunal upheld the Financial Conduct Authority's decision to prohibit Odey from working in financial services over his conduct at Odey Asset Management between December 2021 and November 2022. The judges found that he had twice removed the firm's executive committee as it sought to discipline him over allegations of sexual harassment, describing his actions as an attempt to avoid being held to account.
The ruling stated that Odey had misused his power as the firm's controlling owner to remove the committees in order to protect his own interests. The judges concluded that he was not a fit and proper person to work in the industry and that the FCA had been reasonable in imposing the prohibition order.
The case did not determine whether the underlying allegations of sexual misconduct were true. The FCA's action centred instead on Odey's response to the firm's attempts to investigate them. An internal investigation at Odey Asset Management began in September 2020, and its executive committee concluded that Odey had behaved inappropriately, issuing him with a final written warning in February 2021. Before a disciplinary hearing could proceed, Odey used his position as majority owner to remove the committee members and appoint himself as its sole member. He then postponed the disciplinary process indefinitely, later appointing new committee members only to remove them again. The disciplinary process was delayed by almost a year before it eventually took place in November 2022.
The original allegations became public in June 2023, when the Financial Times reported that 20 women had accused Odey of sexual harassment and assault. Odey resigned from the hedge fund shortly afterwards, and Odey Asset Management ceased trading later that year. The FCA issued its decision notice in March 2025, proposing the fine and ban, and Odey referred the matter to the Upper Tribunal.
At the appeal hearing in March, more than 46 allegations of sexual harassment involving female staff were examined, alongside accusations concerning company minutes, investors and colleagues. Odey made several controversial statements during the proceedings, attributing one 2005 incident to the effects of sedatives taken after dental treatment, and claiming he did not recall other incidents. The tribunal noted that he displayed no contrition and believed he was being treated unfairly rather than acknowledging potential harm.
The FCA's executive director for enforcement and market oversight, Therese Chambers, said after the ruling that Odey clearly thought he could act with impunity, and that his conduct demonstrated a complete disregard for proper governance. Commentators said the case illustrated the difficulty FCA-regulated firms face in handling allegations of harassment when they concern the most powerful person in the business, and noted that since September the FCA's rules have explicitly brought serious bullying, harassment and violence within its conduct rules.
Odey, once one of the most prominent financiers in the City of London and a major donor to the campaign for Britain to leave the European Union, has strongly denied the underlying allegations, describing them as rubbish. He also dropped a £79 million libel claim against the Financial Times earlier this year, after the paper indicated it would rely on a public interest defence backed by 15 women willing to testify.