John Neal, the former chief executive of Lloyd's of London, was found to have breached compliance rules by failing to disclose his close relationship with a fellow director, the insurance market said on Wednesday. Sir Charles Roxburgh, Lloyd's chairman, said Neal's conduct "fell significantly below the standards expected of him".
An internal investigation concluded that the relationship between Neal and Rebekah Clement, the former corporate affairs director, was "sufficiently close... that it could be viewed as creating a perceived conflict of interest". Lloyd's said there was no conclusive evidence the pair had a romantic relationship while at the firm.
“Lloyd's former CEO John Neal breached compliance rules over undisclosed relationship with director, investigation finds.”
Neal said he was "pleased, but not at all surprised" the investigation found no inappropriate relationship, but added: "I am disappointed with the other findings and do not accept them." Clement's lawyer said she is considering legal action, adding: "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."
The probe was launched after Sir Charles became aware in November 2025 of "new information related to an alleged personal relationship" between Neal and Clement. Lloyd's said it first received whistleblowing reports in November 2023 but did not act on them – a failure Sir Charles later informed the Financial Conduct Authority about in October 2025.
Lloyd's said its investigation was hampered because Neal and Clement had both left the company and refused to answer questions. Nevertheless, it interviewed nearly 40 witnesses. The firm said it kept the FCA informed throughout. Clement's lawyer criticised the finding against her "on the pretext of 'perception', the source of which was rumour, gossip and innuendo".