The novel is framed as the unnamed protagonist delivering his personal report on "the IPCRESS affair" directly to the Minister of Defence, thus making the novel itself the 'IPCRESS File' of the title. The events begin soon after his transfer from military intelligence to WOOC(P), a small civilian intelligence agency reporting directly to the British Cabinet, where he works under the command of a man named Dalby. An intelligence broker code-named "Jay" is suspected to be behind a series of kidnappings of highly placed and influential British VIPs with the intention of selling them to the Soviets, and the protagonist is assigned to meet with Jay to secure the release of "Raven", a high-ranking scientist and his latest target. After meeting Jay at a sleazy Soho strip club to negotiate Raven's release, the protagonist is abandoned; investigating his surroundings, he discovers Raven's unconscious body in a back room and attempts to rescue him, but is unsuccessful.