The Liberal Democrats have called on the Financial Conduct Authority (FCA) to launch an immediate investigation into Peter Mandelson over allegations he shared confidential government information with the late financier Jeffrey Epstein, potentially amounting to insider trading.
In a letter to FCA chief executive Nikhil Rathi, Lib Dem deputy leader Daisy Cooper said it was "crucial" to determine whether Mandelson or his associates profited from accessing "market-sensitive and confidential material" after the 2008 financial crisis. Insider dealing is a criminal offence punishable by up to 10 years in prison.
Emails from the latest tranche of Epstein files suggest Mandelson, while serving as business secretary under Gordon Brown, gave Epstein advance warning of market-moving events, including Brown's resignation and a €500bn eurozone rescue deal. These emails were sent hours before public announcements, potentially affecting stock and currency prices.
Cooper also highlighted an exchange where Mandelson allegedly forwarded a confidential document outlining plans to sell £20bn of assets and advised Epstein to have JPMorgan's chief executive threaten the Treasury over banker bonus taxes.
The revelations prompted Mandelson's resignation from the Labour Party and the House of Lords. The Metropolitan Police have already launched a criminal investigation. The FCA declined to comment, citing the ongoing police probe.
