The Financial Conduct Authority (FCA) ban on Crispin Odey from the UK finance industry was upheld by a tribunal, which found he acted with a lack of integrity during disciplinary proceedings at Odey Asset Management (OAM) regarding sexual misconduct allegations.

Odey’s defense argued he removed ExCo members to avoid an unfair process that could remove him, claiming there were no other viable options.

Judges said Odey’s asserted beliefs did not drive his actions; instead, his behavior showed entitlement and a lack of insight that risked normalising inappropriate conduct at OAM.

The FCA cited a 2021 Simmons & Simmons report that identified at least 46 historical allegations of inappropriate conduct by Odey toward female employees at OAM from 2003 to 2020, and alleged he breached a final written warning by harassing a temporary receptionist in late 2021.

A 2021 Simmons & Simmons report documented 46+ historical allegations of improper conduct by Odey toward female staff at OAM between 2003 and 2020, underpinning the regulator’s action.

The report also alleged additional harassment of a temporary receptionist at the end of 2021.

Odey has been a prominent and controversial figure in finance, known for his role during the 2008 crisis and as a supporter of Brexit.

The case fits into the FCA’s broader push to tackle workplace misconduct within the financial industry.

At the appeal, Odey admitted controversial points, including past groping allegations from 2005 and an attempt to blame sedatives for his conduct, while claiming not to remember other threats; the tribunal noted a lack of genuine contrition.

The FCA sought to remove Odey based on multiple women’s allegations of sexual misconduct, which Odey denies.

The 229-page ruling states Odey was aware of his power, used it for personal gratification with junior female staff, and lacked a reasonable basis for removing the ExCos, driven by fear they would not back him.

The ban follows extensive sexual harassment allegations at Odey Asset Management (OAM) between December 2021 and November 2022, which led to Odey’s resignation in 2023.