MPs quiz UK financial watchdog over handling of Crispin Odey misconduct claims
The Treasury Committee asked the Financial Conduct Authority (FCA) how much it knew about the allegations and what action it has taken.
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Your support makes all the difference.A group of MPs have quizzed the UK’s financial regulator over how it has handled allegations of sexual misconduct against the founder of Odey Asset Management in recent years.
The Treasury Committee has asked the Financial Conduct Authority (FCA) how much it knew about the allegations and what action it has taken.
Crispin Odey and his investment firm has been embroiled in a scandal after a Financial Times (FT) investigation last Thursday reported a series of allegations of sexual harassment or misconduct from women who either worked at the firm or had social or professional dealings with Mr Odey.
The FCA was reported to have been privately investigating the business prior to the FT’s report.
In a letter to chief executive Nikhil Rathi, the Treasury Committee asked the FCA to outline the “nature and intensity” of its engagement and monitoring of Mr Odey’s firm over the past five years.
The watchdog was reportedly given a report of Mr Odey’s conduct in early 2021 after the firm took disciplinary action against him.
The committee asked the watchdog to confirm whether or not this information was received, and if so, what action it took in response.
Culture in financial services, and the experiences of women in the industry, are ongoing concerns of the Treasury Committee
It also asked, among a range of questions, whether the FCA has expanded any ongoing probe into Odey Asset Management (OAM) following the “very serious conduct allegations raised by the FT”.
The FCA has a deadline of Wednesday July 5 to respond. Top executives at the regulator are also set to be grilled by the Treasury Committee in person next month over its role in investigating OAM.
MP Harriett Baldwin, chair of the Treasury Committee, said: “Culture in financial services, and the experiences of women in the industry, are ongoing concerns of the Treasury Committee.
“Journalists at the Financial Times have shone a light on deeply troubling allegations of conduct regarding the actions of a powerful individual.
“We look forward to receiving a response from the financial regulator on these important issues.”
Mr Odey has denied the allegations against him. The hedge fund financier was ousted from the firm earlier this week after several large banks and financial institutions moved to cut ties with the firm.