The UK’s fight against economic crime has taken a significant step forward with the implementation of the Economic Crime and Corporate Transparency Act 2023 (ECCTA). This landmark legislation introduces stricter regulations for company directors and Persons with Significant Control (PSCs), particularly around identity verification and anti-money laundering (AML) compliance.

The Financial Conduct Authority (FCA) has been making waves in the UK financial sector, and its latest move is a bold one. On July 16, 2025, the FCA slapped Barclays Bank UK PLC and Barclays Bank PLC with a hefty £42 million fine for significant lapses in their financial crime risk management. This action underscores the regulator’s ongoing commitment to keeping UK markets clean and ensuring consumers are protected from financial misconduct.

I read the Crispin Odey Notice of Decision published by the FCA on 17 March 2025.  Whilst the overall actions of Mr Odey are incredulous and many will be commenting on that part of it, particularly the lack of integrity, I thought that the determination of the fine was interesting so have summarised the process here.  We should note that the FCA’s decision has been referred to the Upper Tribunal, so this may not be the final outcome for Mr Odey. 

As of March 2025, the UK's asset management industry has experienced significant regulatory changes aimed at enhancing transparency, investor protection, and market competitiveness. Below is an overview of the key developments:​