The Financial Conduct Authority (FCA) secured a victory yesterday as the Upper Tribunal dismissed disgraced financier Crispin Odey’s appeal against the regulator’s ban from the financial industry. The Tribunal slightly reduced his fine from £1.8m to £1.5m.
This case, which involved historic sexual assault allegations from Odey’s female former staff, was initiated by the regulator before its new powers came into effect. Lawyers noted that if the case had unfolded under the new rules, the firm named after Odey would likely have faced a tougher enforcement case, with accountability potentially extending to other senior managers.
At the beginning of September 2026, approximately 37,000 non-bank financial firms became subject to the FCA's new rules. These rules empower the regulator to review unwanted behaviour that makes a colleague feel unsafe, uncomfortable, or disrespected, or involves violence.
Legal experts anticipate an increase in work from businesses grappling with the FCA's focus on culture, as bullying, harassment, and serious misconduct are no longer solely HR matters. Rachel Cook, counsel at Peters & Peters, expects firms to use external lawyers more due to new compliance issues, particularly in sensitive cases.