SFO director Nick Ephgrave to step down early

The first non-lawyer to become director of the Serious Fraud Office is to step down halfway through his five-year tenure.

Nick Ephgrave will retire at the end of March after 38 years’ public service. An interim director is expected to take up the post pending the appointment of a permanent successor.

Ephgrave, who turns 60 this year, told journalists today that his priorities on appointment included faster case progression, introducing a case management system and influencing policy. ‘After two and a half years we got there,’ he said. ‘I never thought we would get to this position quite that swiftly. It is testament to this organisation frankly. They have rallied round and delivered, far in advance of my expectations.’

He added: ‘I have recruited an entirely new executive team behind me. They are people of great talent and they are entirely capable of carrying on business as usual after I have gone.’

Ephgrave has begun 12 investigations, including into suspected fraud at Axiom Ince. On his watch the SFO has charged 23 defendants on 54 counts of fraud, bribery and corruption, and made 34 arrests. There have been five convictions.

Ephgrave, a former assistant commissioner of the Metropolitan Police, succeeded Lisa Osofsky in September 2023 with a brief to turn the beleaguered agency around. He denied that he had been ‘pushed out’ of the role when asked by a reporter, saying it was simply ‘time to draw a close’ on his time in public life.

‘I am fit and able and I have got a million and one things that I have put off doing which I really want to do. I just do not want to carry on for a while and then think ,“oh crikey I do not have enough time to do that stuff now”,’ he said.

Attorney general Richard Hermer KC said: ‘Nick brought over three decades of police experience to the Serious Fraud Office and as director, he modernised the organisation’s approach to tackling serious fraud, bribery and corruption, strengthened its capabilities, and secured important convictions in complex economic crime cases.

‘His energy, expertise, integrity, determination and commitment to public service have left a lasting mark on the SFO and on the police forces in which he served. I thank him for his dedication, pay tribute to his family for their support and wish him all the very best for his well-deserved retirement.’