Rising costs and staff losses underline SFO's need for a Libor scalp

Annual report shows case costs rising and convictions falling in Green's first year

David Green, SFO director

The latest annual report from the UK Serious Fraud Office (SFO) underlines the need for the agency to bring in a high-profile prosecution if it is to survive, observers say.

In the year to March 2013, the SFO underperformed on almost every axis than in the previous year. In terms of caseload, it brought 12 cases to trial (down from 19) and convicted 14 defendants – a drop from 39 in 2011/12, and from 72% to 70% of total defendants.

It recovered £11.4 million, down from £50.2 million, and the

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