Regulations
By Pankaj K
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Five Allegations, Zero Integrity. The FCA's case rested on five separate allegations, and the Tribunal accepted all of them.
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The £1.53 Million Fine and What Got Dropped. On the financial side, the FCA originally pushed for a £1.83 million fine.
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Crispin Odey is out. The Upper Tribunal ruled he's permanently banned from the financial services industry, citing a near-total absence of integrity across multiple serious…
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The ruling followed a full review of Odey's conduct at Odey Asset Management, known as OAM. The Tribunal upheld all five allegations the Financial Conduct Authority brought…
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The FCA's case rested on five separate allegations, and the Tribunal accepted all of them. That's not a partial win for the regulator — that's a clean sweep.
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What probably made things worse for Odey was how he handled the proceedings. He didn't show any real insight into what he'd done. No acknowledgment of harm.
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And Therese Chambers, representing the FCA, was direct about it. She pointed to Odey's repeated efforts to dodge accountability — including his move to dismiss the very people…
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Related: PPS Money Enters Liquidation: Customers Face Uncertain Future in Remittance Crisis
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On the financial side, the FCA originally pushed for a £1.83 million fine. The Tribunal reduced it to £1.53 million.
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That said, £1.53 million is still a significant penalty. And combined with a lifetime ban from the industry he built a career in, it's not a light outcome by any measure.
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The mechanics of what Odey did at OAM are worth spelling out plainly. When the executive committee resisted him, he didn't negotiate or step back. He removed them.
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His conduct with the FCA during the investigation followed the same pattern. False assertions. Threatening behavior toward staff.
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See also: FCA Permanently Bans Blue Horizon’s Paul Taylor and Esmeralda Toni for £200M Fraud
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Regulators in the UK and elsewhere have spent years reinforcing that senior figures in finance can't treat governance structures as obstacles to manage around.
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