In an attempt to restore order after the removal of Odey Asset Management founder Crispin Odey amid allegations of sexual abuse and harassment of 13 women, the Financial Conduct Authority has imposed restrictions on the movement of cash and assets by the London-based firm, according to a report by Bloomberg.
In an attempt to restore order after the removal of Odey Asset Management (Odey AM) founder Crispin Odey amid allegations of sexual abuse and harassment of 13 women, the Financial Conduct Authority (FCA) has imposed restrictions on the movement of cash and assets by the London-based firm, according to a report by Bloomberg.
Under the terms of the of the voluntary restrictions agreed with Odey AM and published on Monday, the firm must cease withdrawals and transfers outside of “the normal course of business”.
The FCA has been looking into Odey’s conduct for the past two years but is is yet to detail the full extent of its investigation, while the scope of its supervision of the firm, as well as its wider handling of non-financial misconduct, has drawn questions from politicians.
Odey AM said last week that it was in advanced discussion for the transfer of some of its funds and many staff to rival firms, although any sale or rehousing would be subject to regulatory approval.
Crispin Odey meanwhile, has lost his status as a “fit and proper” individual in the City of London, according to a report by The Times, with the FCA’s register showing that he is no longer certified by Odey AM to perform a role dealing directly with clients.
The FCA register shows that his certification ended on June 12, two days after he was removed from the hedge fund’s partnership.
