After retiring from the Royal Navy, Fraser set up a commercial diving organisation after realising the ease of use of new frogman-type diving equipment. After serving in several honorary positions on the Wirral, Fraser retired from the Royal Naval Reserve as a lieutenant commander in 1965. He died on 1 September 2008, on the Wirral, Merseyside.
ADMIRALTY
Whitehall, 13th November, 1945.
The KING has been graciously pleased to approve the award of the VICTORIA CROSS for valour to: —
[...]
Lieutenant Ian Edward FRASER, D.S.C., R.N.R.
Lieutenant Fraser commanded His Majesty's Midget Submarine XE-3 in a successful attack on a Japanese heavy cruiser of the Atago class at her moorings in Johore Strait, Singapore, on 31st July, 1945. During the long approach up the Singapore Straits XE-3 deliberately left the believed safe channel and entered mined waters to avoid suspected hydrophone posts. The target was aground, or nearly aground, both fore and aft, and only under the midship portion was there just sufficient water for XE-3 to place herself under the cruiser. For forty minutes XE-3 pushed her way along the seabed until finally Lieutenant Fraser managed to force her right under the centre of the cruiser.
Here he placed the limpets and dropped his main side charge. Great difficulty was experienced in extricating the craft after the attack had been completed, but finally XE-3 was clear, and commenced her long return journey out to sea. The courage and determination of Lieutenant Fraser are beyond all praise. Any man not possessed of his relentless determination to achieve his object in full, regardless of all consequences, would have dropped his side charge alongside the target instead of persisting until he had forced his submarine right under the cruiser. The approach and withdrawal entailed a passage of 80 miles through water which had been mined by both the enemy and ourselves, past hydrophone positions, over loops and controlled minefields, and through an anti-submarine boom.
Using the show's takings, and with his younger brother Brian Fraser, he set up a commercial diving organisation called Universal Divers Ltd,[1] of which he was managing director from 1947 to 1965 and, since 1983 (as former chairman).
In January 1961 Universal Divers Ltd was involved in underwater survey on damage caused to the Severn Railway Bridge by collision by two barges.[12]