The FCA's penalty specifically relates to Odey's attempts to shut down internal disciplinary procedures relating to inappropriate behavior toward female staff members, according to multiple reports. He breached the FCA's Individual Conduct Rule 1, which mandates that individuals must act with integrity, according to research. Between December 2021 and November 2022, Odey engaged in actions deliberately designed to frustrate Odey Asset Management's ongoing disciplinary process into his conduct, the FCA said in research. This disciplinary process was initiated following allegations of sexual harassment of female employees over a 15-year period and one allegation of sexual assault on a female employee, research indicates. The FCA's investigation focused not on the alleged sexual harassment or assault itself, but on Odey's attempts to interfere with the internal disciplinary process regarding those allegations, according to research.
Two former receptionists each brought formal complaints of sexual harassment against Odey, according to major media reports. One woman, identified as TH, was terminated from her employment as a receptionist at Odey Asset Management, multiple reports indicate. Odey said his relationship with TH was a flirtation but that he had agreed early on that it would go nowhere, according to his statements. The court heard of text messages where Odey said he wished it had carried on all afternoon and into bed after lunch with TH, according to multiple reports. After TH was dismissed, Odey contacted her to offer her money from his own pocket but she had contacted a lawyer, major media reports state.
Another former receptionist, CE, claimed Odey made her feel uncomfortable, according to her own account. It was alleged that Odey asked CE where she bought her clothes and suggested taking her shopping, multiple reports indicate. The court heard Odey thought CE had a frumpy style as she wore trousers instead of dresses, according to major media sources.
Odey admitted to making inappropriate comments and engaging in flirtatious behavior that made employees uncomfortable, according to his statements. He maintained that his interactions were consensual and not intended to harass, he said. Odey insisted that the woman was a willing participant in flirting with him, according to his account. He said the receptionist made the claims about him because she was looking for money from his firm, Odey stated. Odey said he is deeply embarrassed about his behavior, according to his statements.
In a witness statement, Odey said he was embarrassed by the allegations but admitted that he had got things wrong, according to his testimony. He said some of the claims were fabrications while others were true but entirely consensual or innocent in nature, Odey maintained. Odey said that while his behavior may have been perfectly alright when he was younger, by his 60s it might mean he was seen as a creepy old man, according to his statements.
Odey explained an incident when he was accused of groping another staff member's breast by saying he was under the influence of general anaesthetic, according to his account. He admitted to grabbing her breast, saying it wasn't entirely innocent in nature but was understandable and she accepted that, Odey stated.
Crispin Odey dropped his libel claim against the Financial Times, according to major media reports. The Financial Times published several articles about Odey in 2023 regarding allegations over his sexual conduct, following allegations from 20 women spanning five decades, multiple reports indicate. Odey filed his libel claim against the FT in May 2024, with a trial set for later this summer, according to major media sources. The FT said in defense of the case that it had pleaded the accounts of 15 women willing to testify their allegations in court, including three women whose allegations had not previously been reported, according to the newspaper. The FT stated that Odey's lawyers wrote that he does not wish to pursue another lengthy trial at considerable cost, only to fail on the issue of public interest, according to the newspaper. Odey now faces a seven-figure liability for the FT's legal costs in addition to his own, according to major media reports.
Odey's case against the FCA went to the Upper Tribunal for a three-week trial, according to major media reports. The court heard a slew of allegations against Odey, which he has consistently maintained his innocence about, multiple reports indicate. The outcome of the FCA trial is currently awaiting judgment from the Upper Tribunal, according to major media sources. Odey has challenged the FCA's findings and referred the decision notice to the Upper Tribunal, research shows.
Odey said he felt he was acting in a friendly way but that others at the firm were jealous of their relationship resulting in her being fired by managers, according to his statements.
The FCA intends to publish a policy statement on non-financial misconduct in June 2025, expected to clarify its expectations for how firms should monitor and investigate such conduct by senior individuals, according to research. Non-financial misconduct includes behaviors such as bullying, harassment, discrimination, and other forms of inappropriate conduct that can undermine workplace culture and harm stakeholders, research indicates. The FCA is increasing its focus on non-financial misconduct, indicating that senior managers should expect increased regulatory scrutiny regarding how their conduct outside work may impact their fitness and propriety, according to research.
The specific outcome of Odey's appeal against the FCA fine and ban at the Upper Tribunal remains pending. The exact number of women who have formally accused Odey of sexual misconduct, and the precise details of these allegations beyond those presented in court, have not been fully disclosed. The full financial implications for Odey, including the exact amount of legal costs he faces from the FT case beyond the reported seven-figure liability, are not yet clear. What specific actions Odey took to interfere with the internal disciplinary process at Odey Asset Management, beyond firing the entire executive committee, has not been detailed publicly.