The Financial Conduct Authority has restricted the movement of cash and assets from Odey Asset Management (FRN: 214843) according to an update to the FCA Register published today.

Newspaper reports have suggested the restrictions are voluntary in a bid to restore order at the troubled hedge fund and asset manager.

The restrictions have also been agreed by associated firm Odey Wealth Management (FRN:451361).

The restrictions effectively mean that the FCA would need to pre-approve transactions above £20,000 - whether as a single transaction or a combination of related transactions - other than in the normal course of business.

According to the update, transactions in the normal course of business include: “Transactions giving effect to instructions initiated by clients of the Firm”, “Payments of funds to the Firm’s suppliers”, and “Usual and proper salary payments… agreed prior to 16 June 2023.”

The Register update added today said: “The firm must not, other than in the ordinary course of business, or without the prior written consent of the Authority, in any way dispose of, withdraw, transfer, deal with or diminish the value of any of it’s own assets.”

The restrictions require the firm to provide the FCA each Friday with a list of its bank accounts, and the respective balances of each account at the close of business the preceding day.

It said: “The requirements will stay in effect unless and until varied or cancelled by the Authority.”

The moves follow a troubled couple of weeks for the businesses founded by Crispin Odey, who was accused of sexual assault or harassment by 13 women in an investigation published by the FT.

Mr Odey’s law firm has said he “strenuously disputes” the allegations.

Because of the scandal Mr Odey was removed from partnership he founded.

Last Thursday it was revealed that Odey Asset Management is to be effectively partially dismantled and its funds and staff moved to other managers.

Meanwhile, The Treasury Committee, the influential Commons committee of MPs, has written to FCA chief executive Nikhil Rathi to raise questions on the regulator’s reported investigation into Odey Asset Management.