Serious Fraud Office Tackling Economic Crime 2025-05-08
2025-05-08
TAGS
Response quality
Questions & Answers
Q1
Direct Answer
▸
Context
Fraud is estimated to cost UK taxpayers between £55 billion and £80 billion per year, according to the questioner's statement.
The vast majority of UK businesses play by the rules, but fraud is estimated to cost UK taxpayers—including my constituents—between £55 billion and £80 billion per year. What is the Serious Fraud Office doing to encourage businesses to self-report wrongdoing?
My hon. Friend is absolutely right; the vast majority of businesses do play by the rules, and fraud is so damaging precisely because it undermines everyone who plays fairly. That is why this Government are so determined to tackle it. I welcome the SFO’s recently revised guidance, which aims to drive up the number of corporates that self-report wrongdoing. That is a positive development that will foster good corporate citizenship, and it is an important contributor to this Government’s economic growth mission.
▸
Assessment & feedback
Response accuracy
Q2
Partial Answer
▸
Context
Deferred prosecution agreements have resulted in the SFO raising some £1.7 billion in fines since their introduction in 2015, but there has been a significant drop-off in recent years.
Since their introduction in 2015, deferred prosecution agreements have resulted in the SFO raising some £1.7 billion in fines, yet those DPAs have dried up—the last DPAs that the Serious Fraud Office signed were some four years ago, in 2021. I welcome the SFO’s new strategy to ramp up enforcement, including new guidance to make it simpler to report crimes, but I believe we can and must go further. Can the Solicitor General outline what steps the Government are taking to support the SFO in ensuring that whistleblowers are also incentivised to come forward?
My hon. Friend raises an important point. The director of the SFO has expressed strong support for the financial incentivisation of whistleblowers, and the SFO’s five-year strategy commits to exploring options, working with partners in the UK and abroad. Reform would require careful assessment, and it is right that any suggestions that could enhance the SFO’s efficiency and our ability as a country to tackle serious fraud, bribery and corruption are properly considered.
▸
Assessment & feedback
No concrete steps outlined for incentivizing whistleblowers; only mentions exploration of options.
Response accuracy