Treasury Committee questions FCA oversight of Crispin Odey and Odey AM

Open letter to Nikhil Rathi

Treasury Committee chair Harriett Baldwin has written to Financial Conduct Authority chief Nikhil Rathi over the regulator’s oversight of Crispin Odey and Odey Asset Management.

In an open letter, Baldwin raised several questions regarding the extent of the FCA's knowledge of Odey's alleged sexual misconduct and its supervision of the firm's founder. Referring to Odey stepping down as chief executive in November 2020, Baldwin asked whether the move, which saw Odey's suitability approval shift from the responsibility of the regulator to his firm, was an "attempt to escape direct FCA oversight". She questioned the reason given by the firm at the time and whether the FCA had investigated the change at the time. Baldwin asked what the "nature and intensity" of...