Crispin Odey, founder of now defunct hedge fund firm Odey Asset Management, is set to return to court this week as he challenges the UK Financial Conduct Authority’s decision to ban him from the financial services industry, according to a report by The Times.
The regulator is seeking to fine Odey £1.8m and bar him from regulated activity, alleging that he repeatedly attempted to evade and obstruct efforts by his hedge fund to hold him to account over allegations of sexual misconduct. The FCA concluded last year that Odey had demonstrated “a clear lack of integrity”, a finding he strongly disputes.
A hearing will take place at London’s Upper Tribunal on Monday, ahead of a full trial scheduled for March. The tribunal will consider preliminary applications relating to the case, which represents one of the most high-profile enforcement actions pursued by the City regulator in recent years.
Odey founded Odey Asset Management in 1991 and built it into a prominent hedge fund group that at its peak managed around $13bn. Known for contrarian investment strategies, he was also a high-profile political donor and supporter of Brexit.
The firm entered crisis in 2023 following media reports detailing multiple allegations of sexual misconduct, which Odey denies. In the aftermath, several banks withdrew services from the business, ultimately leading to its breakup.
The FCA alleges that an internal investigation conducted by the firm between 2020 and 2021 identified numerous allegations of sexual harassment spanning nearly two decades. It further claims that Odey used his majority ownership to remove the firm’s executive committee on two occasions, frustrating disciplinary proceedings and demonstrating that he was not a “fit and proper person” to carry out regulated activities.
In parallel with the regulatory case, Odey has brought a £79m libel claim against the Financial Times and faces several civil claims from women alleging sexual misconduct, all of which he denies. Those cases are expected to be heard later this year.
