Ex-Lloyd's of London boss covered up 'close' relationship with female PR executive

By HUGO DUNCAN, BUSINESS EDITOR The former boss of Lloyd’s of London covered up a 'close' relationship with a female executive who was promoted on his watch. In a report published on Wednesday, the insurance market said John Neal broke the rules by failing to disclose the nature of his friendship with ex-corporate affairs director Rebekah Clement. An investigation found the pair were ‘sufficiently close during their employment at Lloyd’s that it could be viewed as creating a perceived conflict of interest’. The probe concluded that Neal’s 'behaviour fell significantly below the standards expected of a Lloyd’s chief executive’. However, Lloyd’s said its investigation ‘found no conclusive evidence that Mr Neal and Ms Clement were engaged in a romantic relationship during their employment at Lloyd’s’. An investigation by Lloyd's of London found PR executive Rebekah Clement (left) and boss John Neal had a 'close' relationship while working together at the insurance market And it said there was ‘no evidence of process failures in respect of the promotion of Ms Clement to the role of corporate affairs director’. Despite this, Lloyd’s said the pair were close enough to cause senior managers to raise concerns directly with Neal, who served as chief executive from 2018 to 2025. And it ruled the ‘failure to disclose’ their relationship ‘constituted a breach’ of compliance rules ‘which clearly state that any conflict of interest, including perceived conflict of interests, must be disclosed’. Established in Edward Lloyd's coffee shop on the banks of the River Thames in 1688, Lloyd's is one of the world's largest insurance markets, specialising in everything from marine and aviation to cyber attacks and terrorism. It has been battling to clean up its image in recent years, however, following allegations of sexual harassment and heavy drinking. Former Lloyd’s chairman Bruce Carnegie-Brown is reported to have challenged Neal about his relationship with Clement in 2023 and urged them to stay in separate hotels when travelling for work together. But an investigation was not launched until November last year – following Neal's departure – after current chairman Charles Roxburgh became aware of fresh information about his relationship with Clement. The probe found that while Neal 'undertook to modify his conduct' after concerns were raised by senior staff, there was 'no evidence of material change'. Lloyd's also said Clement 'should have modified her behaviours given she was aware of rumours regarding the nature of her relationship' with Neal. Roxburgh said: 'Trust, integrity and effective oversight are fundamental to Lloyd’s. 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.' Clement's lawyers, Irwin Mitchell, said she was ‘hugely disappointed’ at the findings and was 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,’ said Shah Qureshi, an employment lawyer at Irwin Mitchell. ‘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. ‘For over a year there have been repeated leaks and press briefings about Rebekah, without warning or regard for the damage done to her career, reputation and health. While Rebekah is pleased that this protracted investigation has come to a close, she has put Lloyd’s and its senior officers on notice that she is considering legal proceedings.’ In a statement to the FT, 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 but I’m glad that all parties are now able to move on.’ Affiliate links: If you take out a product This is Money may earn a commission. 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