Upper Tribunal Upholds Ban on Hedge‑fund Founder Crispin Odey, Cuts Fine to £1.53m

The Upper Tribunal has upheld hedge fund founder Crispin Odey’s ban from the U.K. financial services industry, backing the Financial Conduct Authority’s case that he lacked integrity, while cutting the penalty it imposed to 1.529 million pounds ($2 million) from the 1.835 million pounds originally proposed.

In a judgment dated Sept. 10 and summarized by the FCA on Monday, the tribunal dismissed Robin Crispin William Odey’s challenge to the regulator’s 2025 decision notice, upheld the prohibition order and supported all five of the FCA’s allegations. The tribunal found Odey “lacked integrity” in the ways alleged by the watchdog.

The case focused on Odey’s conduct between Dec. 24, 2021, and Nov. 17, 2022, after he had already received a final written warning dated Feb. 4, 2021, following an earlier internal disciplinary process over inappropriate behavior toward female employees at his firm. The tribunal found that Odey then used his majority shareholding in Odey Asset Management, or OAM, to remove the firm’s executive committee twice — on Dec. 24, 2021, and again on March 31, 2022 — and that those moves were designed to frustrate a second internal disciplinary process.

The tribunal also upheld the FCA’s findings on governance failures and lack of candor. It found that Odey appointed himself as the sole member of OAM’s executive committee on those occasions, putting the firm in breach of regulatory requirements that an authorized firm be managed by at least two approved senior managers. It also upheld findings that he made false assertions and lacked candor in dealings with OAM, its clients and investors, and the FCA, including threatening behavior toward FCA staff.

Odey is the founder and ultimate majority owner of OAM, a once-prominent hedge fund firm that is now winding down and is no longer authorized by the FCA. The tribunal case arose after the FCA issued a decision notice on March 3, 2025; Odey referred the matter to the Upper Tribunal two days later.

The tribunal said Odey showed little or no insight at the hearing into why his conduct lacked integrity, expressed no contrition and gave evidence that in some respects lacked credibility. It reduced the fine, however, after deciding the FCA should not have applied an uplift for aggravating factors when calculating the penalty.

“Having had the opportunity to hear extensive evidence and submissions, we dismiss this reference, uphold the prohibition order and determine that the appropriate action for the Authority to take is to impose a financial penalty of £1,529,374 upon Mr Odey,” the tribunal said.