Britain's Financial Conduct Authority said on Wednesday it is investigating whether hedge fund manager Crispin Odey is 'a fit and proper person' to work in financial services, responding to questions about how the regulator polices conduct in finance.
Financial Conduct Authority signage at the British financial regulatory body's head office in London, Britain, March 10, 2022. REUTERS/Toby Melville/File Photo
This follows allegations that Odey had breached integrity rules in dismissing the executive committee of his firm for "an improper purpose". In a letter to the chair of Britain's Treasury Committee, FCA Chief Executive Nikhil Rathi said the regulator's supervision of Odey Asset Management had been "intensive" since 2020 and its investigations were opened in mid-2021.But the FCA also said that it did not have the authority to pursue criminal prosecutions or disciplinary processes and should not be seen as an alternative to the UK justice system.
Odey was acquitted of indecently assaulting a young female banker in 1998, after a three-day London trial in 2021.
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