Despite some high-profile successes in 2016, the risk that the Serious Fraud Office (SFO) will be subsumed into the National Crime Agency remains; new Prime Minister Teresa May previously supported such a move.

A report by Her Majesty's Crown Prosecution Service Inspectorate concluded that the blockbuster funding model did not represent value for money and prevented the SFO from building future capability and capacity. Recent experience shows that the SFO's core budget is insufficient, resulting in requests for an average of £26.6 million extra per year over the past three years. If the SFO's core budget were increased, this could mean that applications to Her Majesty's Treasury for extra funding would be reserved for exceptional cases.

For further information on this topic please contact Kathleen Harris, Stuart Baker, Michael J Atkinson or James McSweeney at Arnold & Porter LLP by telephone (+44 20 7786 6100) or email ([email protected], [email protected], [email protected] or [email protected]). The Arnold & Porter website can be accessed at