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Compliance Corner: FCA Restricts Cash, Asset Moves By UK's Odey
Editorial Staff
20 June 2023
The UK’s late last week restricted movements of cash and assets by [tag|Odey Wealth Management (UK)|]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. 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.”
Odey denies the claims, reports have said.
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.