Guidance: SFO Cooperation Guidance

For financial services firms, this reinforces the need for robust financial crime and corporate compliance frameworks that align with existing FCA, PRA, and Economic Crime Act expectations. Compliance teams should review whether current policies clearly define when and how to self-report suspected offences, how to preserve privilege, and how to document cooperation. Boards should receive training on SFO expectations, as cooperation credit can materially affect outcomes—potentially reducing penalties, securing a deferred prosecution agreement, or avoiding prosecution altogether.

Conversely, inadequate cooperation may lead to harsher enforcement, longer investigations, and greater individual liability. Action items include: updating internal investigation protocols; conducting gap analyses against SFO criteria; embedding cooperation principles into third-party due diligence; and preparing for potential parallel regulatory inquiries. Firms operating across borders should consider how guidance interacts with US and other regimes.

While no immediate deadline applies, early preparation is prudent given the SFO's increased enforcement focus. This is a significant development for compliance and legal leaders, requiring board-level attention and cross-functional coordination. RegCanary will monitor any related enforcement trends.