Introduction
The fallout from the Crispin Odey revelations in the Financial Times (“FT”) has been seismic. Following its initial report into allegations raised by 13 women against Odey regarding harassment, abuse and fostering a toxic workplace culture (allegations which are denied), in less than a month Odey’s reputation has been shattered and the ability of his firm, Odey Asset Management, to weather the storm has been thrown into serious doubt.
The Financial Conduct Authority (“FCA”) has also found itself in the spotlight, with the government’s Treasury Committee publicly probing its supervision of Odey and Odey Asset Management and its commitment to investigating non-financial misconduct. Against a backdrop of increasing parallels and pressure in a range of other sectors, from the CBI in the public sector to the recent report in the sports sector exposing sexism, racism, elitism and class-based discrimination in cricket, dealing with allegations of a toxic work culture and non-financial misconduct should be at the top of all firms’ agendas.
This article considers the Odey allegations, why all eyes are on the FCA and the key lessons that can already be learned from this latest scandal to hit financial services.