Previously somewhat low-profile in British politics, Truscott made headlines in 2009 as one of four Labour peers named by the Sunday Times as being willing to accept money to help companies amend bills that would have an adverse effect on them.

In 2022 he attracted considerable negative press due to his support for Vladimir Putin, especially after asking a question in the House of Lords that seemingly expressed puzzlement as to why a thermonuclear war with Russia would be considered an 'unwelcome outcome'.

[14] Truscott became a consultant and non-executive director working mainly with non-renewable resource extraction and public affairs companies throughout Europe and Russia.

[15] He developed a client list including Eastern Petroleum Corporation, controlled by the controversial Frank Timiş and another Timiş outfit: African Minerals,[16] Gavin Anderson and Company, Opus Executive Partners, Gulf Keystone Petroleum Ltd, African Minerals Ltd, Landis & Gyr and his own consultancy firm, Energy Enterprises Ltd.[17] Together with his wife, he bought 1,000,000 shares in Gulf Keystone Petroleum, which they bought in September 2008 at 20.75p per share,[18] selling half of these in April 2010 for 85.22 pence per share.

[18] He additionally owns shares above the £50,000 registration minimum[19] in African Minerals Ltd.[20] In January 2009 Truscott was the subject of corruption allegations in the Sunday Times, along with three of his Labour colleagues.

He also claimed to have "done similar work before" on a recent piece of energy legislation,[1] and met officials from the Department for Business, Enterprise and Regulatory Reform shortly before the Government changed its policy in a manner favourable to his client, Landis & Gyr.

[20] Both Opus Executive Partners and Gulf Keystone decided not to suspend or remove Truscott despite considerable pressure from the media to do so, both citing valuable contribution and integrity in his involvement with them.

The investigation into the allegations concluded Lord Truscott had broken rules on exercising parliamentary influence in return for money by agreeing to "smooth the way" for lobbyists, make introductions to other peers and ministers and to lobby officials.