Former hedge fund manager Crispin Odey has argued the Financial Conduct Authority pursued an “agenda” over non-financial misconduct (NFM) that ultimately resulted in a decision to ban him from the sector and fine him £1.8m.
Odey, who founded Odey Asset Management (OAM), claimed the FCA was under "political pressure" before it decided to ban and fine him last March. At the time, the regulator stated that "Odey showed reckless disregard for OAM's governance, causing OAM to breach certain regulatory requirements". The watchdog added it "considers that Odey's behaviour towards both OAM and the FCA lacked candour". It deemed that Odey was "not a fit and proper person" to conduct any position within regulated financial services. Odey argued the regulator viewed his case as "totemic". He claimed the FCA w...
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