The FCA is tying itself in knots on non-financial misconduct

Watchdog case: in 2021 the Financial Conduct Authority opened an investigation into allegations of sexual misconduct by Crispin Odey, below, at his eponymous hedge fund. He denies the claims

- Chris Blackhurst

WHO knew? I'm going to admit a gaping lacuna in my knowledge, that in several decades reporting the City, I did not know the beaks had it in their grasp to boot someone out for non-financial misconduct.

They do and they have done. The Financial Conduct Authority can excommunicate and fine those whose behaviour makes them not fit and proper to work in financial services. In the past, the watchdog has focused on those found guilty of an offence by the criminal court. The latter hands out the sentence and the FCA follows up with its own.

Because it's been dealt with at effectively a higher, more public level there hasn't been a great deal of attention to the authority sweeping up afterwards. Its punishment is secondary.

Increasingly though, it seems, the regulator is taking an interest in matters that have not been determined, may never be determined, by the courts.

It turns out that in 2021 the FCA opened an investigation into alleged sexual misconduct going back over almost two decades by Crispin Odey at his eponymous hedge fund. Odey disputes the claims.