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Rod Fletcher comments in The Times about the SFO's new strategy for tackling fraud
8 December 2011
The full article featured in The Times and can be viewed here.
Following the conviction of Kevin Steele, a former Mishcon de Reya partner, the SFO is taking further precautions to keep on top of the rising levels of crime. Richard Alderman, the Director of the SFO, has implemented a new strategy based around a more uniformed approach to the treatment of serious fraud. They have recently published Serious Economic Crime — A Boardroom Guide to Prevention and Compliance firmly positioning themselves as enforcers and educators.
However this new approach has caused some scepticism towards the SFO. Rod Fletcher, Head of the Business Crime & Regualtion department at RJW, comments that it may be the lack of budget which is forcing Alderman to take such drastic measures; "Under Richard Alderman the SFO budget is down from £40 million to £29 million. It has struggled to retain staff — particularly at senior level — and its salary levels and career prospects suffer in comparison with the industry-funded FSA.”
The new approach follows the more forceful American model, Fletcher observes: “The Government is also considering the benefits of offering deferred prosecution agreements [as in the US], and enabling courts to impose heavier fines and longer prison sentences.”
The full article featured in The Times and can be viewed here.
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