When the UK Financial Conduct Authority (FCA) completes an investigation with no further action, it’s noteworthy news. This was the case for Odey Asset Management, a prominent fund manager that found itself amidst allegations of sexual misconduct against its founder Crispin Odey. While the company may breathe a sigh of relief, the story adds another layer, as the FCA’s probe into Crispin Odey’s behavior continues, focusing on whether he maintains the “fit and proper” status required to work in financial services.
The closure of the investigation into the firm itself came as a surprise to some in the financial industry. Odey Asset Management had been under intense scrutiny after 13 women accused Crispin Odey of sexual misconduct, with subsequent allegations surfacing thereafter. The allegations led to Odey being removed from the company in June, underscoring the severity of the claims and the potential reputational and operational risks for the firm.
According to Reuters, citing an investor letter, the FCA’s decision not to pursue further action against Odey Asset Management must be distinguished from the ongoing evaluation of Odey’s personal conduct. The distinction is critical as it highlights the dual nature of regulatory oversight: corporate governance on one hand, and individual accountability
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