Fraser was appointed a Commander of the Order of the British Empire (CBE) in 1923, knighted in 1934, he was appointed a Companion of Honour in 1953 and in 1958 became the first life peer created under the Life Peerages Act 1958 which had been introduced by Harold Macmillan. He took the title of Baron Fraser of Lonsdale, of Regent's Park in the County of London on 1 August 1958. He died in Marylebone aged 77. Lady Fraser died in 1978.