The Financial Conduct Authority (FCA) has argued fund manager Crispin Odey demonstrated “disregard” and “disrespect” to the executive committee of Odey Asset Management (OAM) by not abiding by the final warning notice issued against him, and “contempt” for the process the committee put in place to assess his alleged misconduct.
At an appeal hearing in London on Tuesday (10 March), through which Odey is challenging the regulator's ban and £1.8m fine against him, the FCA said in its opening statement that Odey failed to act with integrity by being unwilling to submit to the governance structure of OAM to assess misconduct claims and, as a result, failed to abide by the FCA's own rules. It said the regulator took enforcement action because the former fund manager dismissed two executive committees to avoid a disciplinary hearing on his alleged misconduct, which represented a "lack of integrity". "Odey repeatedl...
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