"Phil is urbane, meticulous, intuitive and destined for the very top of his trade."

Chambers & Partners, 2022

"Phil is highly analytical and very efficient."

Chambers & Partners, 2022

"Philip Salvesen is an excellent associate who completely masters the detail of complex cases."

Legal 500 UK 2021

Phil is an experienced criminal and regulatory litigator who specialises in advising individuals and corporate clients in relation to all areas of business and financial crime, financial services investigations, contentious regulatory matters and internal investigations.
 
Business and Financial Crime

Phil has extensive experience of advising clients under investigation by the Serious Fraud Office (SFO), Financial Conduct Authority (FCA), National Crime Agency (NCA), HM Revenue & Customs (HMRC), Competition and Markets Authority (CMA), Insolvency Service and other authorities.  He regularly advises on high profile investigations involving allegations of fraud, market abuse, insider dealing, money laundering, false accounting, bribery, tax evasion and anti-competitive behaviour.

Phil has particular experience of advising clients on money laundering and proceeds of crime issues and is ranked as an “Associate to watch” by Chambers & Partners in this area.  His experience includes representing clients involved in complex money laundering investigations, advising on and successfully varying restraint orders and successfully discharging account freezing orders (AFOs).

FCA Investigations and Enforcement

Phil specialises in contentious FCA regulatory work and has been named by Legal 500 as a key lawyer in this area who “completely masters the detail of complex cases”.  He has advised clients in some of the most high profile FCA investigations of recent years, including the CEO of a major bank following its near collapse, the Finance Director of a listed company prosecuted by the FCA in relation to a major accounting fraud, and the COO of Barclays Wealth in successful proceedings before the Upper Tribunal.  His experience covers FCA investigations from their early stages through to contested cases before the FCA’s Regulatory Decisions Committee (RDC) and the Upper Tribunal.

Phil also advises firms and individuals on contested FCA approval applications and other FCA regulatory matters, including disciplinary investigations with FCA regulatory aspects, Conduct Rule breaches, reporting obligations, regulatory references and other issues under the Senior Managers and Certification Regime (SMCR).  Phil also delivers training sessions on FCA regulatory issues, including to members of the firm and to external audiences, including other law firms.

Internal Investigations

Phil has conducted numerous internal investigations on behalf of corporate clients into allegations of misconduct.  He has expertise in issues which frequently arise in such investigations, including self-reporting to regulators or the SFO; data preservation, review and analysis; legal professional privilege issues; conducting interviews; and preparing investigation reports.  Phil also advises members of staff caught up in internal investigations as witnesses or suspects.  His experience spans a number of sectors including financial services, mining, commodities, media, non-profit, transport and technology. 

Contentious Regulatory Matters

Phil also advises on contentious regulatory issues in a range of other sectors, including cases involving the Financial Reporting Council (FRC), Institute of Chartered Accountants in England and Wales (ICAEW), Association of Chartered Certified Accountants (ACCA), Gambling Commission and CFA Institute.

RECENT WORK

Business and Financial Crime

  • Representing a senior executive under investigation by the SFO for suspected fraud, bribery and money laundering in the oil and gas sector.
    Representing a high net worth individual under investigation by the SFO in relation to London Capital & Finance Plc.
    Representing a senior executive under investigation by the SFO and the FCA in relation to suspected overseas bribery and corruption in the financial services sector.
    Representing the Finance Director of a listed company prosecuted by the FCA for false accounting, making false or misleading statements to the market, and making false or misleading statements to the company’s auditors.
    Advising a global professional services firm in relation to a private prosecution brought against two of its senior employees.
    Representing several individuals as witnesses in an SFO investigation into suspected overseas bribery and corruption in the defence sector.
    Representing several individuals in relation to HMRC investigations following the “Panama Papers” and “Paradise Papers” leaks.
    Successfully persuading the Metropolitan Police Service to discharge several high value account freezing orders obtained in relation to a high net worth individual.
    Representing a partner at a city law firm under investigation by the Metropolitan Police Service for suspected false accounting and money laundering.
    Representing a company and its director in relation to a complex global tax investigation involving HMRC and the US Department of Justice.
    Advising a client in relation to anticipated extradition proceedings and Interpol issues arising from politically motivated overseas criminal proceedings.

FCA Investigations and Enforcement

  • Representing the Finance Director of a listed company under investigation by the FCA for insider dealing in relation to personal trades made before publication of the company’s results.
  • Representing a day trader under investigation by the FCA for insider dealing in relation to various high value trades placed in advance of takeover announcements.
  • Representing the CEO of a major bank under investigation by the FCA, PRA and FRC following the near-collapse of the bank.
  • Representing a senior banker under investigation by the FCA for breaches of APER 1 (integrity), successfully avoiding a financial penalty and overturning a prohibition order following a contested hearing before the Upper Tribunal.
  • Representing the CEO of a FTSE 250 company under investigation by the FCA for market abuse in connection with a number of profit warnings.
  • Representing the CEO of an investment firm under investigation by the FCA for misleading financial promotions.
  • Representing a firm in relation to an FCA investigation into various collective investment schemes marketed to retail investors.
  • Representing the former Head of Compliance and MLRO of an overseas bank in relation to an FCA investigation into suspected AML and financial crime systems and controls failures.
  • Representing the CEO of a bank in relation to an internal investigation into allegations of misuse of inside information.
  • Representing the Finance Director of a listed company prosecuted by the FCA for false accounting, making false or misleading statements to the market, and making false or misleading statements to the company’s auditors.
  • Advising a corporate client in relation to compelled information requests issued by the FCA.
  • Representing a senior banker under investigation by his firm and successfully overturning disciplinary findings that he had breached various FCA Conduct Rules.

Competition and Cartels

  • Representing a senior banker in relation to an investigation by the European Commission into alleged anti-competitive behaviour in the financial services sector.
  • Representing a senior executive in relation to an investigation by the CMA into alleged price-fixing and market sharing in the manufacturing sector.

Internal Investigations

  • Conducting an internal investigation for a media company into allegations of misconduct by several former and current employees.
  • Conducting an internal investigation for an FCA regulated company into allegations made by a whistleblower.
  • Conducting an internal investigation for an FCA regulated company into suspected misappropriation of client assets by a former senior executive.  The findings of the investigation led to the company obtaining a worldwide freezing order from the High Court.
  • Conducting an internal investigation for a global non-profit organisation following allegations in the press of involvement in and/or knowledge of human rights abuses.
  • Representing the CEO of a bank in relation to an internal investigation into allegations of misuse of inside information.
  • Representing the CEO of a listed company in relation to allegations of fraud and false accounting.
  • Representing a senior overseas banker under investigation by his bank for suspected misuse of confidential client information and breaches of the FCA’s Conduct Rules.
  • Representing a senior banker under investigation by his bank for allegedly bypassing internal controls regarding the on-boarding of sanctioned clients.
  • Representing a number of bankers in relation to internal investigations concerning allegations of false accounting, breaches of risk limits, fraud, bribery, market manipulation, market abuse and other AML and compliance issues.

Contentious Regulatory

  • Representing an individual under investigation by the CFA Institute in relation to allegations of dishonesty.
  • Representing an individual in respect of a Gambling Commission investigation into anti-money laundering (AML) and social responsibility failings by an online casino.
  • Representing accountants under investigation by the ICAEW and FRC in relation to suspected audit and non-audit related misconduct.

 

professional societies and memberships

  • Financial Services Lawyers Association (FSLA)
  • London Criminal Courts Solicitors' Association (LCCSA)
  • Young Fraud Lawyers' Association (YFLA)

 

Related Services

Financial Services Investigations

We provide intelligent and tactical representation to those involved in an investigation by defending accusations and mitigating risks.

Investigations

When an individual or company is faced with a criminal or regulatory investigation we manage every step of the process.

Serious Fraud

Defending complex white collar cases successfully is what we are known for. The firm has the largest team of specialist criminal lawyers in the UK.

Insider Dealing

We have extensive experience in representing individuals who have become embroiled in insider dealing investigations.

Financial Services

Financial services firms, professionals and clients need advice more than ever to safeguard their business interests, careers and reputations.

Applications for Registration in Financial Services

Our team advise individuals, corporates and organisations in financial services on registration, licensing, accreditation, and certification.

Cartels, Competition, Price Fixing and Anti-trust

Our top ranked cartels team is extremely well placed to provide advice to individuals and companies who are caught up in cartel activity.

Proceeds of Crime and Money Laundering

Recent years have seen considerable growth in this practice area, following the introduction of new measures designed to tackle illicit finance and the increased attention of enforcement agencies.

Account Freezing and Forfeiture Orders, and Cash Seizure

Tackling illicit finance and the proceeds of crime is a government priority and law enforcement focus.

AML Compliance

Ensuring that the UK financial system is an increasingly hostile environment for illicit finances is a key government priority.

Restraint Orders, Confiscation and Third Party Rights

We advise individuals and corporates in relation to restraint orders and third party applications in respect of property caught by restraint orders.

Unexplained Wealth Orders

UWOs are used by law enforcement agencies to require an individual to prove that a particular asset was obtained through legitimate means.

Extending Moratorium Periods

Another feature of the Proceeds of Crime Act that can have the unwelcome effect of freezing property is the 'moratorium period'

FCA Investigations

Our team of expert lawyers has an impressive track record of successfully defending both individuals and institutions facing regulatory misconduct, disciplinary breach and criminal investigations conducted by the FCA.

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