Judgment summary
This is an order of the Upper Tribunal (Tax and Chancery Chamber) made upon the oral application of the Financial Conduct Authority ("the Authority") for reporting restrictions in proceedings brought by Robin Crispin Odey.
The order follows an ex tempore ruling delivered by Judge Jones on 26 March 2026, after hearing Counsel for the Authority, Counsel for the Applicant, and representatives from Law 360 and The Times.
The order records that the Applicant is also a party to separate Libel/PI Proceedings identified by six claim numbers, and that the Applicant and RPC Legal (representing the Times and the Financial Times) indicated by email dated 1 April 2026 that disclosure or publication of the relevant documents and information may be necessary in connection with those proceedings.
Background
The order refers to two documents: a "Summary of Evidence Relating to the Alleged Conduct of Crispin Odey" dated 19 January 2021 ("the First Simmons & Simmons Report", bundle reference F/68), and a "Summary of Evidence Relating to the Alleged Conduct of Mr Crispin Odey" dated 30 November 2021 ("the Second Simmons & Simmons Report", bundle reference F/237) [1.1, 1.2].
The order also refers to "the New Joiner Allegation", concerning Mr Odey's interaction with a new joiner at Odey Asset Management during an office tour in March 2021 [1.3].
The Applicant is separately a party to Libel/PI Proceedings under Claim Nos KB-2024-001562, KB-2024-001194, KB-2024-001198, KB-2024-001151, KB-2023-0003397, and KB-2024-001164.
Core dispute
The dispute before the Tribunal concerned the Authority's application for reporting restrictions to protect the identities of alleged complainants and other individuals connected with the facts and matters set out in the two Simmons & Simmons Reports and the New Joiner Allegation, balanced against the need for disclosure or publication in connection with the separate Libel/PI Proceedings and general open justice considerations raised by media representatives present at the hearing.
Court findings
The Tribunal ordered, pursuant to Rule 14 of the Tribunal Procedure (Upper Tribunal) Rules 2008, that no one other than the parties and their advisers may publish or disclose the name or initials of any alleged complainant, or any individual other than Mr Odey who was the source or subject of any such complaint, in relation to the facts and matters set out in the First and Second Simmons & Simmons Reports and the New Joiner Allegation [1].
The restriction expressly applies to individuals identified by initials or ciphers set out in a Confidential Schedule to the Order [2].
The Tribunal recorded that the issue of reporting restrictions in respect of the reporting of any other proceedings (such as the Libel/PI Proceedings) is not a matter for the Tribunal.
Outcome
The Tribunal made the reporting restrictions order as set out above, with a penal notice stating that breach may be treated as contempt of court and may result in a fine, imprisonment or seizure of assets.
The Order does not prohibit disclosure or publication of any document or information in connection with the conduct of the Libel/PI Proceedings [3].
Liberty to apply was granted to any member of the media or other third party affected by the Order [4].
Major issues / areas of contention
- Application by the Financial Conduct Authority for reporting restrictions under Rule 14 of the Tribunal Procedure (Upper Tribunal) Rules 2008
- Protection of the identity of alleged complainants and other individuals connected with the First and Second Simmons & Simmons Reports
- Protection of the identity of individuals connected with the New Joiner Allegation concerning an office tour in March 2021
- Interaction between the reporting restrictions order and separate Libel/PI Proceedings in which the Applicant is also a party
- Use of a Confidential Schedule to identify protected individuals by initials or ciphers
- Liberty to apply granted to affected media or third parties