Crispin Odey's pay was slashed by 40 per cent after UK regulator pressure over sexual misconduct allegations at his hedge fund, a London tribunal heard. The Financial Conduct Authority forced Odey Asset Management to cut his share of annual management fees from 15 per cent to 9 per cent in early 2021. This came alongside a final written warning as an alternative to dismissal.

Details emerged during Odey's legal challenge against the FCA's £1.8mn fine and ban from the financial industry. The tribunal heard that Odey's "relevant income" for the year to November 2022 totalled £2.5mn, according to FCA documents. Some regulator officials argued the disciplinary action was too lenient, with one stating there was "evidence of gross misconduct which would normally lead to dismissal."

FCA officials suspected Odey received favourable treatment from OAM's all-male executive committee, who had worked with him for years. The regulator alleged Odey "lacked integrity" and acted "recklessly" in handling the allegations. Odey Asset Management began winding down in 2023 after media reports of multiple misconduct claims. Odey denies the allegations and is pursuing libel action against the Financial Times.