In court testimony, Crispin Odey said a sacked receptionist was dismissed for being a flirt. He maintained that his interactions were consensual and not intended to harass, stating he had a very flirtatious relationship with one of the women who alleged sexual harassment against him. Odey described his relationship with a woman identified as TH as a flirtation but said he had agreed early on it would go nowhere. The court heard of text messages where Odey said he wished it had carried on all afternoon and into bed after lunch with TH. He described TH as a dangerous girl and noted he was 60 while she was 25.
Odey acknowledged he had been something of a dinosaur and failed to adapt to the modern working environment. He admitted he risked being seen as a creepy old man over his behavior towards a receptionist. Another former receptionist, CE, claimed Odey made her feel uncomfortable by asking where she bought her clothes and suggesting taking her shopping. The court heard Odey thought CE had a frumpy style as she wore trousers instead of dresses.
A court heard that Odey texted a woman in her 20s to say he wished he had been in bed with her and that she was delicious. Odey said the receptionist made claims about him because she was looking for money from his firm. Odey explained an incident where he was accused of groping another staff member's breast by saying he was under the influence of general anaesthetic. He admitted to grabbing her breast, saying it wasn't entirely innocent in nature but was understandable and she accepted that. Odey said he was deeply embarrassed about his behavior when suggested women would feel shocked and violated.
Odey said some claims were fabrications while others were true but consensual or innocent in nature. He felt he was acting in a friendly way but others at the firm were jealous, resulting in her being fired by managers. The receptionist later described suffering from worsening anxiety over his behavior. The penalty related to his attempts to shut down internal disciplinary procedures relating to inappropriate behavior towards female staff.
Crispin Odey dropped his £79 million High Court libel claim against the Financial Times. He was suing the FT over articles alleging he had sexually assaulted multiple women, claims he denies. The FT said Odey's lawyers sent a letter saying he had been forced to accept the publication was likely to succeed in its public interest defence. Roula Khalaf, the FT's editor, said it was a vindication for investigative journalism and for the victims whose stories of abuse we reported. The FT had served Odey with disclosure of evidence relating to its investigations into his behavior.
It was a vindication for investigative journalism and for the victims whose stories of abuse we reported.
The FCA fined the founder and majority shareholder of Odey Asset Management LLP £1.8 million and banned him from the UK financial services industry for a lack of integrity. The FCA is increasing its focus on non-financial misconduct, indicating senior managers should expect increased regulatory scrutiny regarding conduct outside work impacting fitness and propriety. Odey breached the FCA’s Individual Conduct Rule 1, which mandates that individuals must act with integrity.
Between December 2021 and November 2022, Odey engaged in actions deliberately designed to frustrate OAM’s ongoing disciplinary process into his conduct. The 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. The FCA’s investigation was not focused specifically on the alleged sexual harassment or assault, but on Odey’s attempts to interfere with the internal disciplinary process regarding those allegations.
Odey interfered with the disciplinary process by firing the entire executive committee of his firm, OAM. Lisa Carty said the FCA’s enforcement action highlights a distinction, with the investigation focusing on more traditional elements of misconduct tied to regulatory obligations.
The FCA intends to publish a policy statement on non-financial misconduct in June 2025 to clarify expectations for firms monitoring and investigating such conduct by senior individuals. Non-financial misconduct includes behaviours such as bullying, harassment, discrimination, and other inappropriate conduct that can undermine workplace culture and harm stakeholders.
Orla Hubbard said it remains to be seen if the FCA may broaden future investigations where non-financial misconduct impacts integrity, with regulators in Ireland and elsewhere watching closely. Odey has challenged the FCA’s findings and referred the decision notice to the Upper Tribunal.