Nick Ephgrave announces surprise retirement from Serious Fraud Office
Nick Ephgrave will step down as director of the Serious Fraud Office (SFO) two and a half years before his first term was due to finish.
The former assistant commissioner of the Metropolitan Police was appointed as the SFO’s director, taking over from Lisa Osofsky, who oversaw several errors during her tenure.
Ephgrave was the first non-lawyer in the role, which he was often vocal about: “Unlike all my predecessors, I am not a lawyer, rather I am a law enforcer”.
He will remain in post until the end of March, during which time an interim director will be appointed pending a formal recruitment process for his successor.
The decision comes after 38 years of service to the public, holding senior roles in UK law enforcement with the Metropolitan and Surrey police forces, as well as the National Police Chiefs’ Council.
“I shall miss the job and SFO colleagues so very much, but will reflect on the progress we have made together with pride and satisfaction,” Ephgrave said.
As of early 2026, the SFO under Ephgrave has opened 12 new investigations since his tenure began in September 2023, including one into an alleged multi-million-pound fraud committed against Thurrock Council.
He came into the role by launching an investigation into law firm Axiom Ince, which resulted in the SFO bringing charges against five men for complex fraud offences linked to the collapse, “the fastest in the organisation’s history”.
Speaking on his time, he said: “I am certain that the momentum we have created will continue to propel the organisation forward to bigger and better things.”
Ephgrave was also keen on paying whistleblowers, a structure similar to that in the US.
“If you look at the example of the US, their system allows that, and I think 86 per cent of the $2.2bn in civil settlements and judgments recovered by the US Department of Justice were based on whistleblower information,” he said.
Commenting on his retirement, Attorney General Richard Hermer KC said: “I want to pay the warmest of personal and professional tributes to Nick Ephgrave as he retires after a long career in public service.”
White-collar lawyer’s reaction
Duncan Grieve, partner at Signature Litigation: “Nick Ephgrave’s departure mid-term will raise speculation that there is a larger restructure and reorganisation underway across the criminal justice system, including prosecutorial agencies.”
“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,” says Ian Hargreaves, partner at Quillon Law.
His decision to cut his tenure short has caught people off guard. Emma Shafton, counsel at Reed Smith, noted that “any successor will have big shoes to fill”.
“The biggest challenge they will likely face will be tackling the long-standing issues around disclosure. This remains the elephant in the room, and I wouldn’t be surprised to see investigations collapsing in the next few years due to disclosure failings,” she added.
Chris Roberts, a partner at Grosvenor Law, pointed out that 2026 was poised to be a significant year for the SFO, as several trials are scheduled. “It remains to be seen whether the initial momentum built up will be carried forward by the new director.”