The Serious Fraud Office (SFO) has endured considerable flack in recent years following several high-profile collapsed prosecutions and closed investigations. The decision not to renew Lisa Osofsky’s tenure but instead appoint Nick Ephgrave, a former police officer, as the organisation’s new director (the first non-lawyer to hold the SFO’s directorship in its 35-year history) was interpreted by many as an indication of a change in direction for the agency.
An early clue as to Ephgrave’s strategy and priorities for the coming five years came in February, when he gave his first public speech since replacing Osofsky in August 2023. After several months in the job, Ephgrave has had plenty of time to look under the bonnet and take stock of the SFO’s problems and how they might be fixed. His speech, and indeed many of his actions since joining, suggests he won’t be sitting on his hands.
Past problems
In one sense, the initial triage stage
