Partner Ian Hargreaves comments on Nick Ephgrave’s tenure as SFO director, in City AM

Commenting in City AM, Partner Ian Hargreaves considers Nick Ephgrave’s tenure as director of the UK’s Serious Fraud Office, describing it as a “breath of fresh air” for the organisation, and examines the challenges that continue to face the SFO.

Ian’s comments were published in City AM, 16 January 2026.

“Nick Ephgrave’s comparatively short tenure can probably be described as a frustrating breath of fresh air. Appointing a Director from law enforcement rather than someone from a legal background has provided a shift of direction – concentrating on what can be achieved from effective investigative work by law enforcement. However, we have not necessarily seen the benefits of that shift and I suspect he will leave office frustrated with progress on certain issues hoping that whoever follows him can build on the work he has done.

“He has managed to avoid the very public controversies of predecessors and indeed his tenure could be described as slightly ‘boring’ but that is not necessarily a bad thing.

“He has championed a change in the law regarding whistleblowing – to effectively protect and reward whistleblowers but must be frustrated at how long it takes to make progress on such an issue notwithstanding some support at Government- level for legislative change.

“He aimed to do something about those cases which were withering on the vine and this has largely been achieved allowing the SFO to concentrate on new investigations. However, he has been stymied to an extent by the lack of interest in pursuing financial and corporate crime by the Trump-administration/DOJ leaving him to concentrate on arguably lower hanging fruit – in the shape of domestic fraud matters.

“He is leaving before we can really give proper judgment on the level of success he has achieved – but that is part of the SFO-problem and the investigation and prosecution of serious financial and corporate crime. It is mired in delays, notwithstanding the increased powers the SFO now has, and although some progress has been made to open new investigations, without more investment in the SFO both in relation to ‘hard cash’ and a targeted intent to address such crime. Whoever replaces Nick may also face the frustrations he has surely experienced.”