Odey AM applies to cancel FCA authorisation
Odey AM has been authorised to conduct regulated activities by the FCA since November 2002.
According to the FCA Register, the application was submitted on 24 November, and will remove Odey AM's authorisation to conduct regulated activities.
Odey AM has been authorised since November 2002, and the FCA Register stated that, despite having applied to cancel its authorisation, the company «must still meet our standards in dealing with its customers».
Odey Asset Management to wind down business
The application came nearly a month after the company started the process of winding down the business, alongside subsidiary Odey Wealth Management in the UK and Channel Islands and former subsidiary Brook Asset Management.
Brook AM gave notice of compulsory strike off on 31 October, according to Companies House filings, on the same day Odey AM revealed it would start winding down the business.
The FCA Register showed the two restrictions the regulator placed on Odey AM in June still apply.
Brook Asset Management begins wind-up process
The first includes a ban on the disposal, withdrawal, transfer of or dealing with its assets as well as diminishing their value, unless authorised by the FCA to do so.
The second restriction relates to Odey AM employees, who were banned from accessing any funds they had invested with the firm without prior approval from the FCA.
Odey AM has been contacted for comment.
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