From 1991 to 2000, he worked for the "Financial Times". At the "FT", he was – at various times – Political Editor, Banking Editor and head of an investigations unit (which he founded). During his time as Political Editor, he memorably fell out with the then Downing Street Press Secretary Alastair Campbell, who regularly mimicked Peston's habit of flicking back his hair, and once responded to a difficult question with the words: "Another question from the Peston school of smartarse journalism." He became close friends with fellow journalist, now PR man, Roland Rudd, where the two were known as the "Pest and the Rat". His last position at the "FT" was Financial Editor (in charge of business and financial coverage).