Lloyd’s of London said an internal investigation found that the relationship between former chief executive John Neal and former corporate affairs director Rebekah Clement was “sufficiently close” that it could be viewed as creating a perceived conflict of interest. The insurer market noted that the pair breached compliance rules by not disclosing their relationship, while stating there was no conclusive evidence they had a romantic relationship while at Lloyd’s.
Neal told the Financial Times that all parties can now move on. Clement’s lawyer said she is considering legal action and stressed that Clement “co-operated with the investigation throughout.” The lawyer added: “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 also said she did not find evidence of an inappropriate relationship and that Clement saw no failings in her promotion. She said she was not surprised that Lloyd’s found no evidence of an improper relationship, but criticised the process.
Lloyd’s said it first received whistleblowing reports in November 2023 and did not act on them. Its chairman Sir Charles Roxburgh judged this to be a governance failure and informed the Financial Conduct Authority (FCA) about it in October 2025. The firm said it could not share the nature of the allegations or the identities involved. In November 2025, Sir Charles learned of new information about an alleged personal relationship between Neal and Clement and launched an expanded probe. The investigation was hampered by the fact that both individuals had left the company and refused to answer questions, though Lloyd’s said it interviewed nearly 40 witnesses and kept the FCA informed throughout.
Sir Charles Roxburgh commented that, based on the findings, Neal’s conduct fell significantly below the standards expected, and the governance failings and mishandling of whistleblowing reports were serious. Lloyd’s also noted its long-standing history as a City institution, dating back more than 300 years with its first recorded mention in 1688.
