Q&A with FRA Co-founding Partner Frances McLeod and Lexology Index
In her Q&A for the 2026 Lexology Index Thought Leaders: GIR guide, FRA Co-founding Partner Frances McLeod reflects on the role of technology in forensic accounting, the growing use of AI and data analytics, and how experienced judgment and technology work together in investigations.
Frances also discusses the factors that led to the founding of FRA more than 25 years ago and what she sees for the future of the profession.
"Human intuition will always be fundamental to forensic investigations."
Read Frances' full Lexology Index Q&A below.
- What made you set up FRA over 25 years ago?
There were three of us who set up FRA – my brother Toby Duthie, our partner Greg Mason, and I. I’d been working with Greg on the Swiss banks’ investigations into dormant Holocaust-era assets. Greg was responsible for the design and implementation of a database of dormant accounts, and I was working on the investigation to identify accounts for capture or loading into the database. My knowledge of how Swiss banks worked and of the historical context complimented Greg’s technical skills. We eventually used the database to identify 34,000 bank accounts. For me, it was an epiphany about how data analytics could really form the backbone of an investigation. When Greg and I finished working on the project, we decided to start our own business because we thought our methodology had such a broad application across different environments.
- What recent developments have you seen in the industry?
From my perspective, I’m very focused on looking at new tech and businesses we can partner with to become more efficient and analyse the myriad types of data out there. We want to do analysis faster and get quicker and relevant results, but we also really want to present that information in a compelling way for our clients. We’re frequently working with lawyers – in-house and external – to help them tell the story of what happened in an investigation. I’m excited to see things we’ve historically had to complete in a static fashion be done more dynamically. Ephemeral messaging is also creating a new legal and compliance challenge, presenting a dilemma between data retention and monitoring requirements and protecting data privacy. Regulatory demands are growing in this space, but remain vague on the “how”, especially outside the financial sector.
- FRA recently invested in its cryptocurrency practice. Why?
The explosive growth of cryptocurrency exchanges, Decentralized Finance (DeFi) platforms, Non-Fungible Tokens (NFTs), and non-financial applications of blockchain technology has created complex challenges around sanctions exposure, anti-money laundering (AML) controls, and proactive compliance.
Cryptocurrencies and blockchain technology are still very much borderless in nature. Add in differing regulatory requirements across different jurisdictions and the cryptocurrency world becomes very complicated. As regulators and law enforcement agencies worldwide grapple with the ongoing challenges posed by digital currencies, we recognised the importance of staying at the forefront of innovation and ensuring we were equipped with the necessary tools to fight this digital era of financial crime we now find ourselves in.
- Do you believe human intuition will remain essential in forensic investigations?
Human intuition will always be fundamental to forensic investigations. Technology, including AI, is transforming how we process and analyse vast amounts of information, but it cannot replace the judgement, scepticism and contextual understanding that experienced investigators bring. The most important insights often come from recognising subtle inconsistencies, interpreting human behaviour during interviews, or connecting facts in ways that technology alone cannot. The future is not about humans versus technology, but rather combining the strengths of both to reach more accurate, defensible conclusions.
- What excites you the most about the future of forensic accounting?
What excites me most is how the profession continues to evolve. The next generation of forensic professionals is bringing fresh perspectives, an instinctive understanding of emerging technologies, and a willingness to challenge traditional approaches. At the same time, advances in AI and data analytics are giving us the ability to extract meaningful insights from ever-growing volumes of data – structured, unstructured, social media, even the dark web – allowing investigators to focus more of their time on analysis, strategy and solving complex problems. That combination of human expertise and technological innovation will continue to raise the standard of our work and accelerate the velocity with which analysis becomes available.
