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Authored by Benedicte Perowne, Charles Crowne and Jonty Langham from global law firm Osborne Clarke.

Treasury Committee letter to FCA emphasises its ongoing concern with financial services culture

In December last year, our Insight on the Financial Conduct Authority's (FCA) increasing focus on non-financial misconduct and firm culture in UK noted that a joint publication from the FCA and the Prudential Regulatory Authority (PRA) on this subject was expected this year. While it is still awaited, the numerous allegations of sexual misconduct levelled at the founder of Odey Asset Management highlight the increased public, governmental and regulatory scrutiny of non-financial misconduct both inside and outside the workplace.

Although we understand the FCA is currently investigating Odey Asset Management, on 14 June 2023, the Treasury Committee wrote to the FCA regarding its regulatory supervision of the firm, and asked a number of probing questions about its knowledge of Mr Odey's alleged conduct from as early as 3 November 2020 (when he ceased to perform the Chief Executive role at Odey Asset Management), and the steps that the FCA took at the time in relation to that conduct.

The letter makes clear that ......................

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