Crispin Odey Loses Bid to Overturn UK Financial Services Ban

Crispin Odey, the founder of the now-defunct Odey Asset Management, has lost his appeal against a lifetime ban from working in the UK financial services industry and a $2.3 million fine. The Upper Tribunal upheld the Financial Conduct Authority's (FCA) decision, which was initially imposed in March 2025. The FCA had accused Odey of lacking integrity by deliberately frustrating his firm's disciplinary processes regarding allegations of sexual harassment.

The tribunal's decision comes after a three-week hearing in March 2026, during which Odey argued that the FCA was pursuing a "vendetta" against him and that he was a victim of bullying by the regulator. Evidence presented during the trial included accusations that Odey groped, verbally harassed, and inappropriately touched female employees. Odey, who denied knowingly making women uncomfortable, admitted to being a "dinosaur" and expressed embarrassment over a 2005 incident where he groped a staff member, blaming a sedative.

The FCA's case highlighted Odey's actions in 2021 and 2022, where he used his majority shareholding to remove executive committee members at Odey Asset Management, effectively postponing disciplinary hearings into his conduct. His former CEO reportedly described him as a "sociopath" and a "sex pest." The tribunal concluded that Odey's conduct demonstrated he was not a fit and proper person to perform any function related to regulated activities, leading to the permanent ban and fine.

This ruling follows a tumultuous period for Odey and his firm. Odey Asset Management, along with Odey Wealth and Brook Asset Management, wound down in 2023, just months after Odey himself left the firm amid sexual assault allegations from 13 women. The firm had also faced significant client withdrawals, with the flagship European Inc Hedge Fund seeing a 19% redemption and OEI Mac Inc Fund a 35% withdrawal in June 2023. While Odey was acquitted of a sexual assault charge in 2021, the FCA's focus was on his integrity in governance and his attempts to obstruct internal investigations.