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ARTICLE · 12 NOVEMBER 2026

Examining The Upper Tribunal's Decision In Odey v FCA

Mishcon de Reya LLP
Mishcon de Reya LLP
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Mishcon de Reya LLP

Mishcon de Reya LLP

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Enforcement Watch marks its fiftieth edition milestone, reflecting on sixteen years of tracking regulatory enforcement trends since its launch. How has the landscape of financial conduct regulation evolved from early promises of tougher action to today's enforcement reality?

United KingdomFinance and Banking
Megan Henderson
Megan Henderson
Elizabeth Hope
Elizabeth Hope

In brief

  • The Upper Tribunal upheld the FCA's decision to ban Crispin Odey from the financial services industry, finding that he lacked integrity by removing OAM executive committees that were investigating his conduct.
  • While the Tribunal upheld the FCA's findings, it reduced the financial penalty from £1.84 million to £1.53 million, partly reflecting Mr Odey's cooperation with the regulator.
  • The judgment contains strong criticism of Mr Odey's evidence, including his lack of candour, insight and contrition.
  • The case was decided as a corporate governance and integrity matter, not a non-financial misconduct case, although it highlights issues that may arise under the FCA's new non-financial misconduct regime.

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