FCA urged to investigate Peter Mandelson over potential insider trading

A picture


The Liberal Democrats have urged the UK’s financial regulator to immediately investigate Peter Mandelson, saying his apparent decision to leak highly confidential government information to the disgraced financier Jeffrey Epstein may have led to insider trading.In a letter to Nikhil Rathi, the chief executive of the Financial Conduct Authority (FCA), Daisy Cooper, the MP for St Albans and the Lib Dems’ deputy leader, said it was “crucial” to determine whether Mandelson or those he shared information with had profited from accessing “market-sensitive and confidential material” in the aftermath of the 2008 financial crisis.“The sharing of confidential information with a private financier could easily have provided an unfair and lucrative advantage in the financial markets, either by Epstein himself or by his associates,” Cooper said in the letter, seen by the Guardian.“Mandelson could also have personally profited from this arrangement.”She added: “He and others must face criminal prosecution if they are found to have abused trading laws for financial benefit.

”Insider dealing is a serious criminal offence, with the harshest penalty in the UK resulting in 10 years in jail, or up to seven years for offences committed before 1 November 2021,The letter to the FCA comes after emails in the latest tranche of Epstein files appeared to show that Mandelson, when serving as the business secretary under the then prime minister, Gordon Brown, gave Epstein advance warning of market-moving events,That apparently included information on sensitive fiscal and political developments including Brown’s own resignation, as well as a €500bn eurozone rescue deal,Those emails appear to have been sent to Epstein hours before they were publicly announced in May 2010,Both those events shifted the price of stocks and currencies, including of the British pound.

It came at a febrile moment for global markets and local economies, which were still struggling to stabilise after the 2008 financial crisis.Cooper, who also serves as the Lib Dems’ Treasury spokesperson, pointed to emails apparently showing that Mandelson forwarded a confidential document to Epstein in June 2009 outlining policy options to shore up the UK’s public finances, including selling off £20bn worth of assets.She also highlighted the exchange in which Mandelson seems to tell Epstein that the JP Morgan chief executive, Jamie Dimon, should “threaten” the Treasury over its plans to tax bankers’ bonuses in December 2009.The revelations have sent shock waves through Westminster, and led to Mandelson’s resignation from the Labour party on Sunday.Mandelson, who was sacked as the UK’s ambassador to the US in September 2025, resigned from the House of Lords on Tuesday.

The Metropolitan police have launched a criminal investigation into Mandelson over allegations he leaked market-sensitive emails to Epstein, who died in prison in 2019 while awaiting trial over child sex-trafficking charges.“No individual, regardless of their standing or former office, should be permitted to compromise the integrity of the UK’s financial system by treating confidential state information as a private commodity,” Cooper’s letter said.“I therefore urge the FCA to launch an immediate investigation into whether Peter Mandelson’s actions constitute a criminal offence under insider trading laws.“The victims who suffered such awful abuse at the hands of Jeffrey Epstein deserve to know the full scope of the financier and his network’s crimes.”A spokesperson for the FCA said: “The [Met] police has already announced a criminal investigation.

It wouldn’t be appropriate to comment any further.”Mandelson was approached for comment.
politicsSee all
A picture

‘Am I at peak popularity? I hope not’: on the road with Zack Polanski, from protest to podcast to Heaven nightclub

17 JANUARY 2026“I’m dying for a wee,” Zack Polanski says as he gets off the train at Wakefield Westgate. Why didn’t you go on the train, I ask? “It was very busy and too many people recognised me on the way to the toilet. I knew I’d never get there for all the conversations, so I came back.” When did it become hard for him to go to the toilet on a train? “2 September,” he says. “The day I was elected

A picture

‘I’m British, English and British Asian’, says Rishi Sunak in riposte to racially charged debate over identity

Rishi Sunak has described himself as being “British, English and British Asian” in a riposte to increasing racially charged language used by figures on the right.The UK’s first British Asian prime minister was speaking after his identity was questioned in recent debate sparked by a claim by the podcaster Konstantin Kisin that Sunak was not English because he was a “brown-skinned Hindu”.Suella Braverman, the London-born Reform MP and former home secretary, later appeared to give credence to Kisin’s claims by saying that she was not English and questioning whether others born in the country could necessarily have that identity.More recently, Matthew Goodwin, Reform UK’s candidate in the upcoming Gorton and Denton byelection, refused to disown a claim that UK-born people from minority ethnic backgrounds were not necessarily British.Speaking out for the first time since those interventions, the Southampton-born former Conservative leader said the racism directed at him and his siblings was “seared in his memory” and warned against Britain “slipping back” to a time when racism was more overt

A picture

Minister commissioned investigation of journalists looking into Labour thinktank

A Labour minister commissioned and reviewed a report in 2023 on journalists investigating the thinktank that would help propel Keir Starmer to power, the Guardian has learned.The research was paid for and subsequently reviewed by Josh Simons, now a minister in the Cabinet Office, when he was director of Labour Together, according to sources and documents seen by the Guardian.Simons is close to the prime minister’s chief of staff, Morgan McSweeney, who had previously run Labour Together and whose own role in the operation to gather material on journalists is under scrutiny.In an agreement addressed to Simons, drawn up by the PR firm APCO Worldwide, the firm agreed to “investigate the sourcing, funding and origins” of a November 2023 Sunday Times report about the thinktank, in addition to other journalistic investigations into the group.The agreement noted APCO would “establish who and what are behind the coordinated attacks on Labour Together”

A picture

Reform faces police investigation over ‘concerned neighbour’ byelection letters

Reform UK will face a police investigation in Gorton and Denton after admitting it sent out letters from a “concerned neighbour” which did not state they had been funded and distributed by the party.Greater Manchester police confirmed it had received a report about the breach of electoral law and said it would investigate. The Electoral Commission said the omission was a matter for the police, stressing that failing “to include an imprint in candidate election material is an offence”.Dozens of voters in the Gorton and Denton constituency reported receiving letters from a pensioner written in a handwriting-style font on Friday. The letters do not include an imprint saying who they have been funded and distributed by, as required by electoral law

A picture

Mandelson lobbying firm sought work with Russia and China state companies, Epstein emails show

Peter Mandelson’s former lobbying firm sought work with companies controlled by the governments of Russia and China shortly after he left ministerial office, according to emails the disgraced former minister forwarded to the convicted child sex offender Jeffrey Epstein.The emails show how Mandelson and Benjamin Wegg-Prosser scrambled to drum up high-paying foreign business after co-founding Global Counsel even as Mandelson remained a member of the House of Lords. Potential clients included the Russian state investment firm Rusnano and the state-owned China International Capital Corporation, the emails suggest.The emails also showed that Wegg-Prosser met Epstein at his New York townhouse in 2010 to discuss the business. A person with knowledge of the situation said the meeting was at Mandelson’s request and only lasted 25 minutes

A picture

Gordon Brown ‘deeply regrets’ bringing Peter Mandelson into his government

Gordon Brown has said he deeply regrets bringing Peter Mandelson into his government, and that revelations about Jeffrey Epstein’s influence on UK politics had caused him revulsion.Writing in the Guardian, Brown said the news that Mandelson was passing information to Epstein while he was business secretary was “a betrayal of everything we stand for as a country”.Brown said he was at fault for making Mandelson a peer and bringing him back into government in 2008, after Mandelson had quit as an MP to become EU trade commissioner.“I have to take personal responsibility for appointing Mandelson to his ministerial role in 2008. I greatly regret this appointment,” he wrote, saying that at the time he was told that Mandelson’s record in Brussels had been “unblemished” and he did not know about any Epstein links