FCA confirms it is investigating Crispin Odey over sex scandal claims

The Financial Conduct Authority (FCA) is investigating Crispin Odey over whether he is a ‘fit and proper person’ to work in financial services and if he breached the watchdog’s rules.

It follows sexual misconduct claims about the hedge fund manager by 13 women, reported last month, which he denies.

The details were disclosed in a letter from the FCA’s chief executive Nikhil Rathi in response to questions from the Commons Treasury Committee.

The probe could result in a ban or fine for Odey, who has been ousted from Odey Asset Management, the firm he founded.

It too is under investigation by the FCA and could face an unlimited fine. Highlighting the wider problem that the watchdog received three sexual misconduct allegations from women every quarter, Rathi said it was ‘unacceptable women should still be made to feel frightened for their safety at work and afraid for their careers when they raise concerns’.

He said the FCA had been in contact with police, adding that ‘any decision on whether or not to investigate is a matter for them’.

Metropolitan Police confirmed contact last month, saying: ‘No criminal allegations were reported at the time or have been made since. As a result, no police investigation is taking place.’

The Mail was unable to reach Odey for comment. His former firm declined to comment.

• Former Met assistant commissioner in charge of frontline policing Nick Ephgrave will replace Lisa Osofsky as head of the Serious Fraud Office in September.