The Serious Fraud Office spent an additional £1.25 million on counsel – a 17% increase – compared with last year, while bringing in £2.89m in proceeds of crime, its latest annual report reveals.

In the report, for the year to 31 March 2026, interim director Graham McNulty thanked his predecessor Nick Ephgrave ‘for nearly 40 years of public service’. Ephgrave joined the SFO in 2023 succeeding Lisa Osofksy but retired from the role halfway through his five-year tenure.

McNulty said: ‘[Ephgrave’s] tenure as director laid a strong legacy for a bolder, stronger, and more confident SFO, including our move to new premises in Canary Wharf at the end of 2026. As interim director, I am focused on continuing this work to drive delivery, strengthen disclosure, and accelerate innovation, including the responsible use of AI.'

The SFO’s gross spending totalled £88.55m with staff costs making up almost half of that. Counsel fees totalled £8.87m  in 2025/26, up from £7.6m in 2024/25. ‘Other’ investigation costs fell to £10.94m in 2025/26 from £15.5m the year before.