Lloyd’s of London’s former boss’s close relationship with another director breached compliance rules, the insurance market has said after an internal investigation.
Former chief executive John Neal and former corporate affairs director Rebekah Clement’s relationship was “sufficiently close… that it could be viewed as creating a perceived conflict of interest”, the firm said.
Lloyd’s said the pair breached compliance rules by not disclosing their relationship but found no conclusive evidence they had a romantic relationship while at Lloyd’s.
Neal said all parties can now move on. Clement’s lawyer said she is considering legal action.
“Rebekah is hugely disappointed with Lloyd’s conduct over the course of this investigation, the nature and length of which have caused her unnecessary stress and significant reputational damage relative to its ‘findings’,” Clement’s lawyer added.
“She is not surprised that Lloyd’s found no evidence of an inappropriate relationship with John Neal, nor any evidence of any failings in her promotion. She also co-operated with the investigation throughout.
“Yet, Lloyd’s has still chosen to find against Rebekah, on the pretext of ‘perception’, the source of which was rumour, gossip and innuendo.”
Neal said: “I am pleased, but not at all surprised, that the investigation found there was no inappropriate relationship.
“I would have hoped less time and resource had been spent in reaching a conclusion on the central question that was, in truth, never in doubt.
“I am disappointed with the other findings and do not accept them.”
Lloyd’s said on Wednesday that it first received “certain whistleblowing reports” in November 2023 but that it didn’t act on them.
It said its chairman Sir Charles Roxburgh judged this to be a governance failure and informed the Financial Conduct Authority (FCA) about it in October 2025.
Lloyd’s said it could not share the nature of these allegations or the identities of the people involved.
In November 2025, Lloyd’s said Sir Charles became aware of “new information related to an alleged personal relationship” between Neal and Clement and “immediately launched an expanded investigation into the matter”.
Lloyd’s said its investigation was hampered by the fact that Neal and Clement had both left the company and refused to answer questions, but Lloyd’s said it interviewed nearly 40 witnesses in its probe.
It added that it has kept the FCA informed throughout the process.
Sir Charles said on Wednesday: “Based on the findings of this investigation, we have concluded that the conduct of the former chief executive fell significantly below the standards expected of him.”
He added the investigation “established serious failings in the governance standards and in following processes, most worryingly in the handling of whistleblowing reports. These were serious failures that should never have been allowed to happen.”
Lloyd’s history as a City institution stretches back well over 300 years, with its first recorded mention appearing in 1688.