Liberal Democrats Demand FCA Investigation into Peter Mandelson Over Epstein Email Leaks
The Liberal Democrats have issued a formal call for the UK's financial regulator to launch an immediate investigation into former business secretary Peter Mandelson. This follows the emergence of emails in the latest tranche of Jeffrey Epstein files, which appear to show Mandelson provided the disgraced financier with advance notice of market-moving government events.
Allegations of Confidential Information Sharing
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, stated it was "crucial" to determine whether Mandelson or those he shared information with profited from accessing "market-sensitive and confidential material" during the aftermath of the 2008 financial crisis. Cooper emphasised that the sharing of such information could have provided an unfair and lucrative advantage in financial markets, potentially benefiting Epstein or his associates.
She wrote: "Mandelson could also have personally profited from this arrangement. 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 in the UK, carrying penalties of up to 10 years in prison for recent offences, or up to seven years for those committed before November 2021.
Details of the Email Revelations
The emails in question appear to show that Mandelson, while serving as business secretary under then Prime Minister Gordon Brown, gave Epstein advance warning of significant events. These included sensitive fiscal and political developments, such as Brown's own resignation and a €500 billion eurozone rescue deal. The emails were reportedly sent to Epstein hours before their public announcement in May 2010, at a time when global markets were still volatile following the 2008 crisis.
Cooper, who also serves as the Lib Dems' Treasury spokesperson, highlighted specific exchanges:
- In June 2009, Mandelson allegedly forwarded a confidential document to Epstein outlining policy options to shore up UK public finances, including selling £20 billion worth of assets.
- In December 2009, Mandelson appears to have advised Epstein that JP Morgan chief executive Jamie Dimon should "threaten" the Treasury over plans to tax bankers' bonuses.
Political and Legal Fallout
The revelations have caused significant shockwaves in Westminster, leading to Mandelson's resignation from the Labour party on Sunday. Mandelson, who was dismissed as the UK's ambassador to the US in September 2025, also resigned from the House of Lords on Tuesday. The Metropolitan Police have launched a criminal investigation into allegations that Mandelson leaked market-sensitive emails to Epstein, who died in prison in 2019 while awaiting trial on child sex-trafficking charges.
Cooper's letter stressed: "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. I therefore urge the FCA to launch an immediate investigation into whether Peter Mandelson's actions constitute a criminal offence under insider trading laws."
She added that victims of Epstein's abuse deserve to know the full scope of the financier and his network's crimes. An FCA spokesperson responded by noting that the police have already announced a criminal investigation, making further comment inappropriate at this time. Mandelson was approached for comment but has not publicly responded to the allegations.
