Fisher II Report Proposes Sweeping UK Fraud Law Reforms
A new independent report recommends expanding the SFO's powers, creating financial rewards for whistleblowers, and improving public-private data sharing to combat fraud.
An independent review by Jonathan Fisher KC has proposed a significant overhaul of the UK's fraud enforcement landscape. The report, the second from the review, recommends against rewriting the Fraud Act 2006, instead focusing on practical enforcement challenges. Key proposals include introducing a statutory scheme for financial rewards for Serious Fraud Office (SFO) whistleblowers, an idea the agency has lobbied for. It also suggests expanding the SFO's powers to compel the production of evidence from overseas entities with a "sufficient UK connection," reducing reliance on slower mutual legal assistance treaties.
For businesses, these changes could materially alter the risk environment. Financial incentives may encourage external whistleblowing over internal reporting, while expanded SFO powers could impact multinational investigations. The report also recommends new summary-only offenses for preparatory conduct, a statutory basis for public-private intelligence sharing, and increasing the maximum sentence for serious fraud to 20 years. The government, which quickly accepted the review's Part I recommendations on disclosure, is now considering these proposals and is expected to respond. Counsel should monitor for a formal government response and potential draft legislation.