The UK’s Financial Conduct Authority has restricted the movement of cash and assets from Odey Asset Management in a bid to restore order at the hedge fund after its founder Crispin Odey was ousted over allegations of sexual impropriety.

The FCA will publish details on Monday of voluntary restrictions agreed with Odey Asset Management, two people familiar with the situation told the Financial Times.

The restrictions, which have also been agreed by an associated firm, Odey Wealth Management, will require both to conserve cash and assets for the normal running of their businesses.

One of the people said the FCA would require preapproval for transactions above a certain level, other than in the normal course of business.

The FCA declined to comment, as did Odey Asset Management and Odey Wealth Management.

One person familiar with the regulator’s protocols said it was normal to impose restrictions on firms going through “difficulties” to ensure that they could continue to run their businesses in an orderly way.

The moves follow a tumultuous 10 days 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.

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

Odey Asset Management, which includes a hedge fund that had $4.4bn under management before the allegations emerged, told investors last week that it was in talks to shed some of its funds, people and infrastructure.

The firm’s other partners had ousted Odey days earlier, but that was not enough to stem the tide.

So far, four of Odey Asset Management’s funds have been suspended, the most recent on Friday after a “sizeable level” of withdrawal requests.

The FCA has come under pressure after it emerged that the regulator had been investigating Odey for more than two years. The House of Commons Treasury select committee has written to the FCA calling on it to explain how it handled the affair.

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