The City watchdog said it has been in touch with the police as part of its investigations into Crispin Odey and his London-based hedge fund Odey Asset Management.

“As some of the allegations reported in the press are potentially criminal in nature, we have been in contact with the police. Any decision on whether or not to investigate is a matter for them,” Financial Conduct Authority chief executive Nikhil Rathi said in a letter to MPs on the Treasury Committee.