Nick Ephgrave, director of the U.K.โ€™s main anti-corruption enforcement agency, the Serious Fraud Office (SFO), will retire at the end of Marchโ€”about halfway through his appointed five-year term. Experts say he leaves the agency in a lot better position than he joined it in September 2023.

Neil Hodge is a freelance business journalist and photographer based in Nottingham, United Kingdom. He writes on insurance and risk management, corporate governance, internal audit, compliance, and legal...