British officials often appear inclined to look the other way when arguable violations of the law take place, perhaps in an effort to avoid upsetting a sensitive political equilibrium that tries to convey the impression that the marketplace is under control and well-regulated. Lengthy, expensive, and inconclusive recent trials involving white collar offenses have questioned the efficacy of such prosecutions. Nonetheless, the Serious Fraud Office (SFO) has been established to enhance public confidence that serious fraud is being dealt with properly. An issue that has not been addressed by the media focus on the SFO, however, pertains to the range of fraud types that are very costly but do not pose serious risks to Great Britain's commercial reputation or involve major public figures. Although economic costs of prosecuting fraud cases are high, white collar offenders do not face long prison sentences for pleading not guilty. Interviews with white collar offenders suggest that, after imprisonment, defendants most want to avoid the label of dishonesty. The regulation of major financial services fraud in Great Britain, the powers of fraud investigation agencies, and official attitudes toward fraud are discussed. 11 footnotes