Compliance
Compliance Corner: FCA Restricts Cash, Asset Moves By UK's Odey
The UK regulator has slapped restrictions on the Odey business.
The UK’s Financial
Conduct Authority late last week restricted movements of cash
and assets by Odey
Wealth Management (UK). This came shortly after its founder
and prominent City figure, Crispin Odey, was ousted from the firm
after claims of sexual harassment and assault.
Odey denies the claims, reports have said.
In a statement dated 18 June, the watchdog said: “The firm must
not, other than in the ordinary course of business, or without
the prior written consent of the Authority, in any way dispose
of, withdraw, transfer, deal with or diminish the value of any of
its own assets.”
The FCA did not elaborate further.
WealthBriefing contacted Odey Wealth Management (UK) for
comment; it had not received a reply at the time of going to
press.
Even after cutting links with its founder, Odey has battled to
avoid an exodus of client money; it has shut one fund and
suspended withdrawals from four others, according to
Bloomberg.
Reports said the FCA has been looking into Odey’s conduct for the
past two years but has not yet detailed the full nature of its
investigation.
Last week, the Financial Times (of London) published an
investigation of Crispin Odey’s treatment of women over a period
of 25 years. Odey was acquitted of a sexual assault charge in a
UK court in 2021.
