MPs question monitors over Crispin Audie's 'deeply disturbing' allegations

Crispen Odie was forced to leave the hedge fund he founded after multiple new allegations of sexual harassment Photo: Shutterstock

Influential group of MPs ordered city ​​regulator to disclose the extent of its investigation into Odey Asset Management following «deeply disturbing» allegations leveled against the firm's founder.

In a letter to FCA executives, Harriett Baldwin, Chair of the Treasury Committee, urged regulatory body to release more details about its oversight of the scandal-hit hedge fund.

Chrispen Odie was forced to leave the hedge fund he founded last weekend following a slew of new sexual harassment allegations against him, which he denies. The Financial Times reported the allegations.

Ms Baldwin said: “The culture of financial services and the experience of women in the industry is a constant concern for the Treasury Committee.”

>“The FT paints a highly negative picture of one powerful person’s behavior towards these two committee priorities and potentially damages reputation the entire sector.”

The committee asked Nikhil Rathi, chief executive of the FCA, a series of questions about the regulator's oversight of Odey Asset Management.

He asked if the Odey investigation expands on the FCA's broader work on non-financial misconduct. The committee plans to question the FCA bosses next month.

The letter also noted that Mr. Audie's status on the FCA's regulatory registry had been downgraded to the role of «client working with clients» in the months leading up to the criminal trial case. executive director and partner. Mr Odie was previously charged with indecent assault but was found not guilty in a trial in 2021.

The committee is scrutinizing the watchdog's oversight of the business after the FT said Mr Audi threatened to sue the FCA if it didn't drop its investigation into sexual harassment at his hedge fund.

An FCA spokesman said . : «We understand the Committee's interest in this, and we will of course respond as soon as possible.»

Odey Asset Manager had to struggle to reassure clients and partners after the FT published an investigation last week dealing with Mr Audi. women over a 25-year period, including numerous new allegations of sexual harassment or assault.

The allegations involve 13 women who allege that Mr. Odie abused or harassed them, with eight of the 13 claiming he sexually abused them.

The Law Firm , representing Mr. Audie, said he «strongly disputed» the allegations.

Some of the firm's key banks and brokers, including JP Morgan, Morgan Stanley, Goldman Sachs and UBS, have decided in recent days reconsider or cut your ties with the group.

>