In a letter to Treasury Select Committee chair Harriet Baldwin, published today (12 December), FCA CEO Nikhil Rathi confirmed the closure of the investigation into the asset management firm.
However, Rathi explained the investigation into Crispin Odey remains ongoing “given the conduct under investigation relates to him”.
He added: “As the committee is aware, statutory restrictions are in place on the information the FCA can divulge about the firms and people it regulates. Additionally, we are generally restricted in what we can say to avoid prejudicing a live investigation.
“Therefore, the information I can share about investigations and the circumstances surrounding them is necessarily limited at this stage. It is critical that our investigations are conducted properly, fairly to all involved and based on evidence. We appreciate the committee’s understanding as we balance this responsibility with public accountability.”
Odey AM applies to cancel FCA authorisation
Rathi was quizzed about the letter at a TSC hearing today, emphasising the disclosure was a “significant step” for the FCA due to the great public interest in the case.
He also clarified that, should any evidence against Odey AM appear, the FCA “reserves the right to reopen” the investigation; whereas the investigation into Odey himself “remains live”, as he was “the majority shareholder” at the firm and the individual accused of misconduct.
When asked how it was possible for Odey to pass the fitness and propriety test in light of the numerous sexual misconduct allegations against him, Rathi declined to answer but highlighted that the fit and proper status is certified by the company, not by the FCA.
