Today’s episode is part of a special series of Following the Rules produced in association with Simmons & Simmons, an international law firm supporting financial institutions across the global regulatory landscape.

The series offers practical insights to help financial services firms navigate legal, regulatory, technological, and cultural change.

In this episode, we’re diving into one of the most intense moments a business can face - a dawn raid.

When Nick Ephgrave took over as Director of the UK Serious Fraud Office in 2023, he’s pledged “swifter action and more dawn raids” - a clear signal that the agency is refocusing on proactive, visible enforcement.

But what does a dawn raid actually look like in practice? How should firms respond when investigators appear unannounced at the door? And how can businesses prepare, both legally and culturally, for such a high-pressure event?

To answer these questions, we’re joined by two experts on the topic:

Together, they discuss how enforcement dynamics are shifting, what mistakes companies tend to make under pressure, and what practical steps legal and compliance teams can take today to be ready if the SFO comes knocking.

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Short on time? You can read the episode highlights on The Banker's Risk & Regulation hub...