On 16 December 2009, the Serious Fraud Office (SFO) announced that it will commence an investigation into suspected fraud offences committed in the UK by Icelandic bank, Kaupthing hf. prior to its collapse in October 2008. The investigation seeks to identify whether misrepresentations or false representations were communicated by the bank in order to attract UK investors. The SFO will also consider the decision making process by the bank, which appears to have allowed substantial value to be extracted from the bank prior to its collapse.

The SFO has said, "This is a complex investigation which crosses numerous jurisdictions. We have been working closely with the Icelandic Special Prosecutor's Office to ensure that comprehensive and robust investigations are conducted both in Iceland and the United Kingdom and to ensure that there is no duplication of effort."