FCA confirms investigations into Crispin Odey and Odey Asset Management

investmentweek.co.uk:

While the investigations were opened in mid-2021, Rathi said the regulator had been engaged in “intensive” supervision of Odey AM since 2020. | PA Images / Alamy Stock Photo

Writing in response to a letter from the Treasury Committee, FCA chief executive Nikhil Rathi said the regulator was investigating whether Odey was a «fit and proper person to work in financial services» and whether he has failed to comply with FCA rules on integrity, due skill, care and diligence.

Treasury Committee questions FCA oversight of Crispin Odey and Odey AM

He noted the eponymous founder had not held a senior manager role since 2020 and had been removed as a certified individual in June 2023, at the request of Odey AM and Odey Wealth Management.

Rathi also confirmed Odey AM was under investigation for possible contraventions of the regulator's principles for business and for «failing to conduct its affairs with due skill, care and diligence», and for «failing to take reasonable care to organise and control its affairs responsibly and effectively, with adequate risk management systems and controls».

He added the investigation also sought to establish whether Odey AM had failed or risked failing to have a «functional and compliant governance structure».

Rathi noted that given the ongoing nature of the investigations, he was limited in what he could share, but added the nature and scope of the investigation is open to change.

While the investigations were opened in mid-2021, Rathi said the regulator had been engaged in «intensive» supervision of Odey AM since 2020.

He said the focus of supervisors had most recently been on «ensuring adequate investor and consumer protections» as the firm considers next steps, noting the regulator's action