Crispin Odey fined and banned for sexual harassment

Crispin Odey, a former hedge fund manager, has been fined £1.8 million and banned from the finance industry. This decision came after multiple sexual harassment allegations against him. The Financial Conduct Authority (FCA) found that in 2021, Odey made inappropriate contact and comments towards female employees. However, his firm initially regarded him as a "fit and proper person," issuing only a written warning. The FCA stated that Odey’s banning was due to his “reckless disregard” in addressing the complaints, not solely because of the misconduct itself. In previous years, Odey's fund profited significantly during the EU referendum, even as he advocated for Brexit. He stepped down from his firm in 2023 after an investigation revealed allegations from 20 women over many years. Odey denies all allegations and is currently contesting the FCA's decision in hopes of reversing the ban. He has also initiated legal actions against one of his accusers and the Financial Times for libel. In a separate news item, Thames Water has successfully avoided government takeover by securing a £3 billion deal with its creditors. This agreement will provide immediate financial support to keep the company afloat. Meanwhile, community bank North West Mutual is preparing to launch its first branch by 2026, focusing on filling gaps left by other bank closures. In the grocery sector, shares of major UK supermarkets dropped amid fears of an impending price war led by Asda. The discount strategy outlined by Asda could pressure competitors' profits but might benefit shoppers through lower prices. In other financial news, accountancy firm MHA is planning a £350 million stock market listing, while Qinetiq, a defense technology company, has warned of lower profits due to uncertainties in the sector. Additionally, Tesco is increasing pay for its shop workers but is also eliminating Sunday pay premiums.